Bosley Real Estate Market Insight - January 31st, 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 31st, 2020

31 January 2020
Bosley Real Estate

Wanted! - The desperately low inventory of properties for sale is responsible for the intense competition going on. Buyers fear that prices will escalate even more if they wait. Example 1: A property in Brampton gets an astounding 77 bidders for a rundown detached house and sells for $166,000 over ask. Example 2: A semi¬detached in the Junction neighbourhood was listed for $949,000 and 33 offers came in and sold for $470,000 above the asking price. But the craziest one was this week on a property in prime High Park which was listed for $1,299,000 and it received 38 offers and sold for $2,300,000 ! ! ! !

Toronto's job market added 210,000 new jobs in 2019, the largest annual increase on record and wage gains were the strongest since 2008. All this combined with low mortgage rates and early reports of eye-popping sales can spur on buyers, but the buzz can also discourage some buyers who don't want to get carried away in competition. Bottom line ... we need more listings!

In the freehold sector listings continue to be a source of concern as we have indicated above. One year ago, we had 28% more listings than we do today. The good news is that sales were up week-over-week almost 60%. But given the fewer listings the number of homes that sold at or above the asking price remains high at 58%.

The condo market is well on its way to market health again. We saw listings increase 7% week-over-week and compared to the same period last year listings have climbed by 16%. The number of sold condos increased by 27% last week and the increasing demand continues to push the number of units selling at or above the list price to 57%, which points to continued strength in the high-rise market.

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:

Canada's 2020 Spring Housing Market Could Face 'A Perfect Storm'

”While last year’s housing market took its time getting off the ground, 2020 could tell a different story.”

Canada's Apartment Vacancy Rate Hits Lowest Level In 18 Years

“Canada Mortgage and Housing Corp. says rental apartment vacancy rates last year hit their lowest level since 2002 after a third consecutive year of declines.”

Can’t Afford A House In A Red-Hot Market? Co-ownership May Be The Answer

“Dana Brookman always wanted to buy property in Toronto, but the overheated housing market made that nearly impossible.”

Province’s Ontario Line may cause years-long delay of major Toronto affordable housing project

“A major provincial transit project could delay the construction of hundreds of affordable housing units through Mayor John Tory’s signature program in a clash that threatens to put two of Toronto’s most pressing needs in conflict with one another.”

New Home Sales In The GTA Rose 47% Last Year After 2018 Drop: Report

“New home sales in the Greater Toronto Area climbed 47 per cent last year after drops in both single-family and condo sales a year earlier, said a report by Altus Group out Thursday.”