Bosley Real Estate Market Insight - January 24th, 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 24th, 2020

24 January 2020
Bosley Real Estate

Is it safe to say that the Toronto real estate market is moving into uncharted waters these days? The go to response to the steady increase of prices has been the lack of listings, high demand and low borrowing costs. Are we seeing a flashback to early 2017? What has transpired are stories of multiple offers, wild bidding wars and many broken dreams. So, what should we expect as we move forward this year? We complained about not enough listings last year too, so we expect to see high demand pushing prices in an upward direction for the unforeseeable future.

The freehold sector is starting to show signs of life as we saw more listings come to market last week. Compared to last year at the same time though we are down 32% in new listings. The lack of inventory discourages some buyers from even looking because they don’t see much selection out there. That in turn suppresses supply because they’re not listing their existing homes. With more sales than listings happening the increased competition resulted in an increase 48% of available properties selling at or above the asking price.

If you thought of shifting your dreams of home ownership to the condo market would make life easier, be prepared for a little disappointment. Throughout 2019 we watched as competition for resale condos increased dramatically from about 35% of all condos selling at or above the list price at the beginning of the year to over 48% by December. January 2020 has not shown any relief. In fact, last weeks numbers showed that 55% of condos sold in multiple offers, thanks in part to a shortage of listings coming to market. Compared to last year at this time we are down 27% in new condo listings.

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:

Purplebricks Canada Offered Employees Days Off For Made Up 5-Star Reviews

”Purplebricks Canada has offered its employees paid days off in exchange for made up positive reviews on Facebook and Google.”

Toronto Detached Real Estate Sales Surge, As Inventory Drops To Lowest Level In Years

“Toronto detached real estate buyers were out in full force last month. Toronto Real Estate Board (TREB) data shows detached home sales made a big increase in December. The rise in sales combined with the lowest inventory in years, sent price growth back to 2017 levels.”

House Price Survey Ranks Fort McMurray As Most Affordable Market Globally

“Canada is home to some of the world’s least affordable housing markets ― and to the single most affordable one in a global ranking of more than 300 cities.”

Unbuilding cities as high-rises reach their use-by date

“We are entering a new world where skyscrapers and other huge buildings are becoming redundant and need significant overhaul or replacement. The process is called unbuilding or, if you're a bit highfalutin, deconstruction.”

Not A Single Major Canadian Real Estate Market Is A Buyer’s Market

“Must be something in the water… or credit supply, since every Canadian market is becoming tight. Canadian Real Estate Association (CREA) data shows the sales to new listings ratio increased across the country in December. The rising ratios made for an unusual month – not a single major real estate market across Canada is a buyer’s market.”