Bosley Real Estate Market Insight - December 13th, 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 13th, 2019

13 December 2019
Bosley Real Estate

All quiet on the home front? Well listings are dwindling but buyers are still out there. We had a listing out of our office this week and there were 179 booked showings and yesterday it received 19 offers. Will this continue and what will it be like in 2020? Will the lack of housing supply in a big city market like Toronto drive prices up? We’ve already heard that interest rates will likely drop again next year and that the housing market has finally come out of its slumber since the stress test was imposed, making conditions for home buying overall favourable. CMHC (Canada Mortgage and Housing) forecasts population growth, rising incomes and strong employment will support a rebound in home sales and prices for the next two years, and by 2021 the average home in Toronto will cost $949,400!

The condo market has played a significant role in the housing recovery in the GTA. The average condo price saw an 11% increase and will continue to remain strong as long as Toronto keeps attracting new residents to the city for jobs. Condos in the GTA and Toronto offer first time home buyers the chance to achieve their dreams of owning property. Of course, all this good news leads us to believe that the momentum is expected to continue into the coming year and the Spring Market is going to be very active. Every December, we’re asked to take time to think about making some resolutions that will change our lives in the coming year. We know this doesn’t always work, leaving us feeling guilty and depressed. There’s nothing wrong with bettering ourselves, that’s why, for 2020 let’s embrace just a few small changes, ones that have a big impact.

Whatever you celebrate this holiday season, may your holiday time be all wrapped up with cheer and filled with celebration for a new decade and a New Year!

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:

The mathematical truth about Toronto property taxes: raising them is the best option

”I come to you today bearing a mathematical truth about residential property taxes in Toronto: they are low.”

Should Canada ban non-residents from buying homes?

“Affordability is one of Canadians greatest concerns and the largest factor causing this predicament is the high cost of housing in many parts of Canada.”

Backing out of a home purchase can cost you

“This past year’s GTA real estate market may become known as the year of aborted transactions.”

The mortgage stress test is making housing supply issues worse — and making homes even more unaffordable

“Canada is experiencing sustained economic and population growth. Millennials and new Canadians are forming households and their desire for home ownership is very strong. Interest rates are low. In this environment, home sales should thrive and supply should rise alongside demand, keeping prices in check. Instead, our housing supply is lagging and prices have risen dramatically in key markets.”

Pharrell Williams' 'Untitled' Toronto Condo Project Is Coming To Yonge And Eglinton

“Songwriter, producer and fashion designer Pharrell Williams has teamed up with a pair of condominium developers to build two residential towers in midtown Toronto.”