Bosley Real Estate Market Insight - May 29th, 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 - May 29th, 2020

29 May 2020
Bosley Real Estate

With large companies extending their work-from-home policies economists are predicting that real estate trends might shift and cause a “suburban boom” in the housing market. These trends in the job market could lead to housing preferences that move away from dense metropolitan areas and an outward migration of young families that could be considered the new “hipsturbia”.

Moving away from the central core can offer affordability at the cost of your time and gas money. Relaxing those costs by working remotely could mean more households can choose those larger homes farther out. As people reconsider housing options in conjunction with remote work, the amount of space desired by home shoppers will also shift. Larger homes, especially those with extra rooms or home offices, will be in high demand. Prior to this pandemic, the growing affordability crisis in the city was also having a major impact on the suburban real estate surge.

However, a shift to living further out of the metropolitan core is not without its drawbacks, which is why economists do not predict that the market surge will extend to more rural areas. Moving away from the city means they’d also be moving farther from a wider variety of restaurants, shops, yoga studios and art galleries, so proximity to the urban core is still crucial. The pandemic will ultimately lead to a change in how we work and live.

With a bit about what we are seeing out there. The freehold market recorded a 37% increase in new listings last week. The increase is widespread across the entire core of the city. The number of sold properties saw a slight drop, but a strong 56% sold at or above the list price. The condo market is starting to pick up again. There has been a steady increase in listings and last week sales were up 21% from the previous week, and condos selling at or above the list price are hovering in the 20-30% range.

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:

Rich Torontonians Eyeing An Exodus From City After Pandemic: Agency

”As the coronavirus pandemic spread across the world earlier this year, news reports emerged that many rich people were fleeing dense cities for the perceived safety of suburbia or the countryside. Now, some observers say that trend could become permanent.”

Coronavirus is shaking up Canada's housing market, but don't expect a crash

“Immigration, which drove hot markets like Toronto and Vancouver, is the wildcard.”

Despite coronavirus, GTA real estate prices are rising slightly

“Despite the economic chaos caused by the novel coronavirus, home prices in the Greater Toronto Area are up slightly from this time last year, data obtained by Global News shows.”

$5M in 5 days: Buyers Appear Unafraid of the COVID Market

“Sometimes the market speaks in places you don’t always expect. Twenty minutes outside of downtown Hamilton, nestled in the quaint little town of Caledonia, an Empire Communities development called Avalon is offering some insight into the real estate industry in the time of COVID-19”

Rich Chinese Snapping up Luxury Homes From Singapore to Sydney

“Across China and in some of their familiar hunting grounds in Asia, wealthy buyers are snapping up luxury housing, in many cases to guard their wealth against anticipated inflation and a weakening yuan. The rush to add real estate has led to a jump in upmarket housing prices in China, while offering some support for Asian property markets hit hard by the pandemic.”