Bosley Real Estate Market Insight - March 13th, 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 - March 13th, 2020

13 March 2020
Bosley Real Estate

MARKET UPDATE FOR THE WEEK ENDING MARCH 13TH, 2020 Stocks have fallen hard in the last couple of weeks, so does that mean Toronto Real Estate is the new gold? Sales of houses and condos for the first week in March were up 47% over the same period last year and average prices rose 18%. Sales are still strong, there are still plenty of bidding wars, and open houses are still busy. There has also been a sharp decline in interest rates for all kinds of borrowing including mortgage rates. These lower interest rates have sent the mortgage industry into a frenzy, as buyer’s race to take advantage of cheaper loans. A five-year fixed-rate loan is sitting as low as 2.29%, close to the record low of 2.09% offered in November 2016, after oil prices crashed and the central bank had to cut rates to stimulate the economy. But could these rate cuts be a warning sign about a lack of security for jobs and incomes? The one good beacon of hope is the health crisis appears to be fading in China and South Korea, creating the possibility of future positive surprises.

The Toronto Real Estate board announced the stats for the month of February, and it was all positive news. For the City of Toronto, the average sale price was $989,218 up 17% from a year ago. The number of sales were up by 31% and new listings were up 6.6%. Double-digit average rice growth was experienced for most major segments with detached homes leading the way up 14.4% to $1,485,304. The condo market is still going strong. The average price for a condo in the City of Toronto is up 18% to $722,675 compared to last February which was $612,488. As market conditions tighten, competition between buyers has clearly increased. Last week 71% of condos sold in multiple offers. That’s the highest percentage we have seen in awhile.

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:

Short-term rentals pinched by coronavirus fears

”As public health officials, companies and politicians struggle to centralize a response to the novel coronavirus there are signs the decentralized world of short-term rental accommodations has its own specific vulnerabilities..”

Statistics Canada’s New House Price Index Suggests The Housing Boom Never Happened

“Remember when house prices soared in Toronto, Vancouver and other places a few years back, causing homeowners to celebrate and prospective buyers to despair ?.”

Bank Of Canada Interest Rate Cut: Here Are The Winners And Losers

“Borrowers will be better off, but for the millions of Canadians who are lenders, things are about to get tougher.”

Versailles-inspired Toronto mansion (although a mere 27,000 square feet) heading to auction. Care to bid?

“Having grown from farmland to fantasy land, the Bridle Path has been one of Toronto’s toniest neighbourhoods for some 75 years. The streets are still wider than the norm, having been built thus to allow extra space for recreational equine traffic (hence the term “bridle”). Properties range from 1.5 to six acres, with elaborate gates and landscaping protecting the houses from the roads (which still have the flavour of the old days, given their lack of sidewalks; but even their modern-day speedbumps are accessorized by red brick pavings)..”

Mortgage Holiday'? Borrowers In Italy, U.K. May Get A Break From Payments, And Canada Could Follow

“With global stock markets tanking and coronavirus cases rising rapidly in Asia, Europe and North America, politicians around the world are racing to unveil emergency measures to help the economy weather the storm.”