Bosley Real Estate Market Insight - January 17th, 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 17th, 2020

17 January 2020
Bosley Real Estate

It was sort of a flat week for real estate. It seems buyers and sellers are waiting for the market to “show its colours.” Agents are eager to start showing properties but our research indicates that listings in both the freehold and condo sector have backed off slightly from a year ago while demand has not waivered. The condo sector is off to a good start with 32% more units sold so far this year compared to the same time a year ago.

The condo market stats were released this week and it continued to perform very well in 2019, with strong growth in sales and average price. It’s a relatively affordable entry point into home ownership for first-time buyers. Year-over-year price growth in the City of Toronto, which accounted for 71 per cent of transactions, was similar to the GTA, coming in at an increase of 10.3% resulting in an average price of $660,379. Tighter market conditions in the condo market translated into increased competition between buyers. The popular sweet spot price for condos is in the $600-$700 price range.

The condo apartment rental market was better supplied throughout 2019 with the number of listed condos up 35.6% compared to 2018. Strong job growth across all sectors combined with cultural diversity continued to fuel population growth in 2019, and all these people needed a place to live, with many initially pointed to the rental market. Average condominium rents were up year-over year. The average one-bedroom condo was up 3.1% to $2,209 and a two bedroom condo was up 3.4% to $2,868 a month.

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:

Canadian Home Prices Set To Soar As Supply Hits Tightest Levels In 16 Years

”Canadian home sales ended last year with a 22.7 per cent jump in December compared with a year ago as prices rose as part of a trend that should continue into this year, said the Canadian Real Estate Association.”

High-end home tax will force out Toronto talent, warns real estate CEO

“The luxury and vacant home taxes recently proposed by Toronto city councillors wouldn’t crush the local real estate market the way similar taxes did in Vancouver, but piling on more fees would erode the city’s ability to attract talent from other places, says the head of Sotheby’s International Realty Canada.”

Vancouver Island Real Estate Could Get A Big Boost From Harry And Meghan

“Victoria, the mild-weathered capital of British Columbia, is famous for its high quality of life and ― these days ― its eye-poppingly unaffordable housing market, with house prices just short of Vancouver’s astronomical levels.”

How the world's top 15 luxury housing markets will perform in 2020

“Paris will be the world's hottest luxury housing market in 2020, with prices expected to grow by 7%, according to the report.”

BMW Canada sets the stage in Toronto real estate market

“BMW Canada joined forces with a real estate company that offers home-staging services in an effort to target-market vehicles to luxury shoppers in Toronto. The pilot project was successful enough that BMW is now considering expansion. Vehicles were put in the driveways of three premium real estate listings as part of Heaps Estrin’s home-staging process, which targets exclusive Toronto neighbourhoods with average listing prices of $2.5 million to $3.5 million.”