Bosley Real Estate Market Insight - January 10th, 2020 - 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 - January 10th, 2020

10 January 2020
Bosley Real Estate

Happy New Year! A new year and new decade begins. Let’s sum up the real estate market for 2019.

• GTA realtors reported 87,825 sales through TREB’s MLS system — up 12.6% compared to 78,015 for 2018 - the decade low.

• New listings entered into the MLS system (153,000) were down 2.4% compared to 2018

• The average selling price for the GTA was up 4% to $819,319 and for the City of Toronto the average price was up 5.6% to $874,834

• The average sale price for a condo in Toronto was up 10.3% to $656,233 compared to $594,381 in 2018.

The real estate market surprised most housing economists in 2019. It started off slow with slumping sales and price declines but quickly turned a corner as home buyers who were on the sidelines moved back into the marketplace starting in the early spring. Buyer confidence rallied with a strong economy and declining mortgage rates over the course of the year.

With home sales showing no signs of fading in the new year, all eyes will be on the supply issue. Buyers are hoping that a new year will bring a rush of new listings to market, but industry leaders are not so optimistic as the market ended last year with a plunge in inventory that sent prices in the opposite direction. Toronto’s home prices are predicted to rise 6% this year. This is due to a strong local economy, high employment, strong immigration and mortgage rates are unlikely to rise.

It is too early to predict what will happen. Generally speaking, January is a slow month for new listings, but demand is high and the weather has been kind so hopefully we will see a faster release of new properties on the market. The waiting game begins!

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 Real Estate Back To Old Tricks As Prices Soar 12%

”The Toronto Real Estate Board says home sales were up 17.4 per cent in December compared with the same month last year, while the average price was up almost 12 per cent in the month from a year earlier.”

Canadian Real Estate Markets See Lowest Number Of Homes For Sale In 12 Years

“Low mortgage rates, strong employment figures and population growth are keeping homes flying off the shelves across Canada. But those shelves aren’t getting restocked.”

Future Returns: There Are Reasons for Optimism—and Caution—in 2020

“As a new decade dawns, there’s reason for investors to feel optimism amid the chaos in our newsfeeds. The global economy remains resilient, supported by booming consumer activity and a manufacturing rebound, with no U.S. or worldwide recession in sight.”

Canada's Housing Market: The Biggest Moments Of 2019

“Another year is behind us, and a new decade is being ushered in. As 2019 winds down, predictions for the 2020 housing market are in full swing: Will mortgage rates sink lower? Will newly energized markets heat up further? How high will prices climb in Canada’s biggest cities?”

Toronto home prices likely to be hot again in 2020 after 4 per cent increase last year

“Resale home prices rose by 4 per cent in the Greater Toronto Area in 2019, according to the Toronto Real Estate Board (TREB) — and prices will continue to rise into 2020 unless there’s an increase in the housing supply, the board predicts.”