Bosley Real Estate Market Insight - February 14th, 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 14th, 2020

14 February 2020
Bosley Real Estate

Is the Toronto housing market picking up steam at an “uncomfortable” pace that resembles the sky-high gains of 2016? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. So what should we expect as we move forward? Hopefully as we start moving into the spring market many agents are anxious to see if listings will become more plentiful especially after this long family weekend. We as realtors continue to do what we always do. We perform our duties and forge ahead. Let us take this weekend to be with family and see what next week brings us. Happy Family Day!

We have been collecting weekly sales data for awhile now and it is often fun to look back a year and compare markets. For instance, last year at this time there were 15% more freehold listings available throughout all neighbourhoods but sold properties were down 55% in 2019 at this time. The number of properties selling at or above the asking price this year is at 62% compared to last year which was 58%.

The resale condo sector is following the same trends. New listings are down 18% than the same period last year but sales are up a whooping 62% more than last year at this time. And the number of condos sold at or above the asking price is still at a high of 62%. The condo market has been traditionally reserved for first-time buyers, but as freehold home ownership becomes less affordable, we expect even more activity in the condo 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:

This is not a good sign': Toronto housing price surge resembles sky-high gains of 2016

”The Toronto housing market is picking up steam at an “uncomfortable” magnitude, one that resembles the sky-high gains of 2016 which subsequently led to a slew of regulatory measures to tame markets, according to a new report from RBC Economics.”

First-Time Homebuyer Incentive A ‘Flop’ That Might Be Driving Up Canadian House Prices

“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.”

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.”

Drive until you qualify': Mortgage stress test forces homebuyers further outside GTA to find house they can afford

“More than half of potential home buyers in the Greater Toronto Area (GTA) were affected by the Office of the Superintendent of Financial Institutions (OSFI) mortgage stress test in 2019, according to a survey in the yearly housing market report released by the Toronto Regional Real Estate Board on Thursday.”

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.”