Bosley Real Estate Market Insight - February 7th, 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 - February 7th, 2020

07 February 2020
Bosley Real Estate

The home sales market continues to boom in January, which traditionally has been a slow time for realtors. According to the stats that were just released for January, we started 2020 where 2019 left off, and that the Toronto and GTA real estate market is showing signs of strength in price and the continuation of a new upward trend. The average selling price for the City of Toronto is up 13.7% to $884,385 compared to a year ago. Again, the problem is the shortage of listings which were down 16%. Even if the volume of transactions remains relatively low in the Toronto area, demand is building. It seems anything coming to market is being snapped up in days. The lack of housing supply is the main reason behind soaring prices in and around Toronto.

This week TD Bank slashed its 5-Year posted mortgage rate used for the stress test to 4.99%, the lowest among Canada's big banks, fueling demand for lower¬ priced homes among first time buyers. Last week the number of freehold properties sold, saw no change week-over-week, but a huge influx of new listings hit the market up 65% from the previous week. Hot spot neighbourhoods like Riverdale and Leslieville are eagerly awaiting more listings to appear with 64% of properties selling at or above the asking price.

The downtown condo market is insane. It seems downtown condos offer a lifestyle that buyers want. Multiple offers and over-asking prices are the norm, but supply is still an issue. The condo market saw a 10% decline in listings last week and sales remained steady with no increase week-to-week. According to the stats that were released condo prices have jumped a whooping 15% in the City of Toronto and the surrounding GTA compared to the same time last year. There are approximately 29,500 condos under construction that are scheduled to be completed this year, surpassing the previous high set in 2014 (21,000)

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:

Average Toronto-Area Home Expected To Cost Buyers $900K This Year

”The Toronto Regional Real Estate Board says January home sales were up 15.4 per cent from the same month last year, while it expects home sales for the year to rise about 10 per cent overall.”

TD Bank Slashes 5-Year Posted Mortgage Rate Used For Stress Test

“TD Bank lowered its posted five-year fixed mortgage rate on Tuesday to narrow the gap between the benchmark and the special rates it offers customers.”

This New Toronto Condo Is So Expensive It Comes With A Free Porsche

“You know that phrase, "how the other half lives?" Well, this is surely it right here. An extravagant Toronto condo sale is offering the chance to win "prizes" including Rolex watches, designer items, and an actual Porsche 911. Those "gifts" come at a price, though, and it's a little out of our range.”

Toronto Builders Try a New Tactic to Lure Suburb-Hating Millennials

“As Toronto home prices skyrocket, developers are betting they can lure millennials to a place they may have feared to tread: suburbia.”

Airbnb to ban local guests under the age of 25 from booking entire homes

“Airbnb has announced that it will begin testing new regulations across Canada this month that will ban local guests under the age of 25 from booking entire homes.”