Bosley Real Estate Market Insight - December 6th, 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 - December 6th, 2019

09 December 2019
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING DECEMBER 6TH, 2019 The November stats were released from the Toronto Real Estate board this week and for the City of Toronto the average sale price was up an astounding 8% to $910,419 from November 2018. On a GTA-wide basis, sales were up year-overyear for all market areas with a reported 14.2% increase in sales. New listings throughout all neighbourhoods went in the opposite direction down 17.9%. November saw the strongest year over year price growth so far this year. “Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said TREB chief market analyst Jason Mercer.

The condo sector is still the sweet spot for first time buyers. The average condo price rose 11% to $659,855 compared to last November. Strong population growth in the GTA combined with declining mortgage rates helps to explain the rebound in sales in 2019.

The GTA needs flexible housing market policies that will sustain balanced market conditions over the long term. All levels of government have acknowledged that we have a housing supply is issue we face into concrete solutions and to ring a greater array of ownership and rental housing online.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:

Toronto home prices grow at fastest pace in two years

”Realtors are cautioning values could continue rising given the dearth of listings and supply.”

Condo Insurance Premiums Are Spiking In Canada, Threatening Resale Prices

“The cost of insuring a condo building is rising rapidly in Canada, and that could be bad news for owners’ resale values.”

Ottawa house prices surge nearly 17 per cent in November, as average home price tops $500,000

“If you’ve been thinking about buying a house in Ottawa, sales data from November at first glance looked downright scary. The average price for residential properties in the resale market shot up nearly 17 per cent year over year to $501,200, according to the Ottawa Real Estate Board. That’s a record for Ottawa, albeit just marginally ahead of the average in June.”

Overcrowding In Housing Is Worst In Toronto, Western Canada: StatCan

“Four decades of negligible rental housing construction is catching up to Canada’s cities, particularly those with rapid population growth.”

Miami Condo Comes For Free With $1.6-Million T-Shirt

“Diesel Wynwood, a pre-construction condo development in Miami branded by the iconic fashion house, is selling 143 t-shirts that come with a free* apartment. Of course, the emphasis is on the asterisk, which reveals that the apartments are not really free, but rather several million dollars.”