Bosley Real Estate Market Insight - June 19th, 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 - June 19th, 2020

22 June 2020
Bosley Real Estate

It’s hard to believe that we are almost half way through 2020 and in the middle of a pandemic, with unemployment at an all time high, millions of people without a job, and the Toronto real estate market couldn’t care less. If you are looking for a Covid-discount you’re not going to find it here. What you will find, just weeks after the worst month of sales, are multiple offers and buyers and sellers with more and more confidence. No one expected the market to take off like this. Buyers were on pause for a couple months, but they seem to be jumping back in with a frenzy. Case in point – we have a listing in our office in Bloordale Village that has 139 booked showings and offers are on Monday. You’re lucky if you can even get in to show it now. No double bookings and only a few time slots left!

Could this be that HSBC just lowered its five-year fixed mortgage rate to 1.99%, becoming the first bank in Canada to crack the 2% barrier? It comes down to supply and demand. With a low supply of available product in the marketplace, the activity taking place is still a sellers’ market. Even though CMHC forecasted housing prices across the country to drop between 9 and 18% over the next 12 months, the 416 does not represent the entire country and the Toronto real estate market doesn’t seem to be adhering to many of the forecasts and predictions. You have to be thinking about where prices are going to be in 10 years, not just in 6 months from now.

Last week the freehold market saw a marginal 6% increase in new listings and of those, 51 listings were listings over 3 million dollars. Sales surged by 41%, and of those sales 57% sold at or above the asking price. The condo market is also seeing an uptick in activity with 22% more new listings last week and sales were up 16%, with 39% selling at or above the list price and the majority of the sales were under $700K.

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:

Newcomers Welcome: Why Immigration Is Fundamental To The Strength Of Toronto's Real Estate Market

”Canada's stance on immigration has long since set it apart from comparable economies. Compared to the U.S., Canada welcomes three times as many immigrants on a per capita basis. That translates to approximately 340,000 immigrants per year.”

Rising House Prices And Tanking Rental Market Show Pandemic's Economic Divide

“The COVID-19 lockdowns have exposed a divide in Canada’s job market, with low-income earners getting hit much harder than high-income earners in the wave of layoffs that has taken place since March.”

Mixed signals? A bank offers a record breaking low fixed mortgage rate just as CMHC tightens lending rules

“ says HSBC is the first bank to crack the 2% barrier on a five-year fixed rate, though the rate is for default-insured mortgages only.”

Toronto Homebuyers Looking to Buy in Cottage Country During COVID-19

“Space is the new luxury,” says Max Hahne, broker of record at Engel & Völkers Collingwood Muskoka.

UK Housing Market Enjoys Fast Recovery 1 Month After COVID-19 Lockdown Ends

“International property consultant Knight Frank is reporting this week that home purchase offers are being accepted at record rates in UK property markets as traction returns and downwards pressure on prices eases in the first month since market lockdown measures were lifted.”