Bosley Real Estate Market Insight - February 21st, 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 21st, 2020

21 February 2020
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 21ST, 2020

The government is at it again. On Tuesday they said they would make it easier for some people to get into the housing market by tweaking the mortgage stress test, making it slightly lower for insured loans. The Office of the Superintendent of Financial Institutions (OSFI), which regulates banks is expected to extend a new weekly benchmark to uninsured mortgages this spring. It’s a move that could be worrisome because some believe this will fuel prices even more, especially at the lower end of the market where condos are already in short supply. The number of condos available for sale in January was the lowest it’s been in 25 years. A lot of that is due to investors holding onto their units. Condo prices appreciated 15 percent last year.

The number of new listings continued to contract last week but that could be because of the family day holiday. There were 19% fewer listings week over week which created increased competition with 10% more sold properties and of those, 66 per cent sold at or over the asking price. The east core continues to be a hot district which had 24 properties sold and of those 22 sold above the asking price.

The condo market is having the reverse affect. Overall listings were up 13% in the central core last week and the sold numbers were steady week to week and of the condos sold, 64% sold at or over the asking price. Resale condos that were selling for $1000 a square foot downtown a few months ago are now fetching $1,100 or close to $1,200 a square foot in some cases. Meanwhile, condos selling in the preconstruction phase are commanding $1,400 a square foot or more.

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:



Condos, the ‘future of our communities,' now cost more per square foot than a detached home

”Canadian condominiums may be the “future of our communities” but per square foot, they are hardly a bargain.”




Canada's Mortgage Stress Test Gets Easier To Pass Amid Soaring House Prices

“What was expected to be a hot spring housing market in Canada looks set to be a little bit hotter following the federal government’s announcement Tuesday it is changing the mortgage stress test.”



Rental Rates In Many Canadian Cities Are Tripling Income Growth

“Many of Canada’s mid-sized cities caught the soaring rental rates bug in January, even as rent hikes cooled off in the largest metro areas, new data from rental site Padmapper shows.”




Canadian House Prices Overcome Stress Test, Foreign Buyer Tax, Return To Excess

“There’s just no keeping Canada’s housing markets down ― at least not with the policies we’ve tried so far to keep property prices from overheating.”



Toronto’s housing market heats up: ‘It is like 2017 all over again’

“Rising home prices and the return of bidding wars in Toronto have economists warning against any measures that could stimulate the city’s real estate market, such as relaxing the mortgage stress test.”