Bosley Real Estate Market Insight -November 22nd, 2019 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight -November 22nd, 2019

25 November 2019
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 22ND, 2019

Last week's real estate market update could best be described by the simple phase "no news is good news". Across the downtown core, the east side and west side it appears that while listings are inching lower, there is plenty of appetite for buying a home, but the inventory is not there. We are witnessing the last hooray before the listing taps start to close over the winter holidays. Give it time though. In talking with our agents, we know that many buyers are waiting patiently for the spring market. In a couple of months pent up demand will return and buying a home will look like Black Friday at a big box store.

The freehold sector saw an overall drop in new listings and sales throughout all neighbourhoods. New listings were in short supply down 6%, and sales only saw a small 2% dip. However, because of the shortage in new listings we are still experiencing multiple offers and a whopping 62% of all sold properties sold at or above the asking price. There is a clear indication that on a year-over-year basis we are still well ahead of 2018. So far this year the Toronto Real Estate board has recorded 76,413 sales compared to 68,084 last year.

The condo market also saw a small dip in new listings last week, down 14%, but the good news is sales were up 13% week-over-week. There was also an increase in the percentage of properties selling above the listed price, up to 51% from last week's 43% selling in bidding wars. With the increasing average price for freehold properties going up we expect the condo market to remain strong in the coming new year.

Here Are The Top Five Trending Stories Of The Week:

 


Purplebricks Exits U.S. After Shares Plummet 75% in Two Years

“Purplebricks Group Plc‘s stock climbed after the online estate agent said it was pulling out of the U.S., marking an end to a 75% slump in valuation since it ventured across the Atlantic in September 2017.”


Canada’s housing market will end 2019 stronger than before

“Another chapter in the ongoing history of the Canadian housing market is about to come to an end. With the holiday season nearly upon us, real estate economists’ collective view of the market’s performance in 2019 has just about crystallized and the consensus is that it was a solid year that could have gone much, much worse after a worrying opening.”


Toronto's New Airbnb Rules Will Return Thousands of Units to Housing Market

“The city of Toronto has the green light to go ahead with new rules limiting Airbnb and short-term rentals. On Monday, a provincial tribunal finally ruled on the matter after two years in limbo, siding with Toronto and rejecting an appeal by a group of landlords. Toronto’s rules were initially...”


Here’s CMHC’s Housing Market Trend Predictions For 2020

The two-year slowdown Canada experienced in the housing market is now officially over. That declaration from the Canada Mortgage and Housing Corporation (CMHC) who released a comprehensive report on the national outlook.”



New Brunswick introduces amendments to allow real estate sales on Sundays

“New Brunswick is looking to modernize its real estate regulations by permitting business transactions on Sundays.”