As we find ourselves midway thru October, it's going to quickly become primetime to view the changing landscape and watch the leaves change right here in our own backyard. The 7 best places in Toronto to see this beauty are: High Park, Toronto Islands, Humber River, Beach Boardwalk, Trinity Bellwoods, Evergreen Brickworks, and Mt. Pleasant Cemetery, located within some of the best neighbourhoods in the city. As we wade into the final days of the election, we have seen a slowdown in sales both in the freehold and condo markets…..Read More
As the calendar flips for the last time this year and we are three weeks shy of Christmas, it feels like we are all gearing up for the holiday festivities. The offices are a little slower, listings are dropping off and the buyers are taking a break. The November stats were released from The Toronto Real Estate Board and for the City of Toronto the average price was up 2 percent to $802,220 from November 2016. We saw a sizable number of new listings (14,349) for the entire GTA, up by 37 percent compared to November 2016. This boost to home ownership could be because of the upcoming changes to mortgage guidelines, which come into effect in January. On a year-to-year basis, the average selling price was up by 13.4 percent compared to same period last year. All the negative headlines are for the entire GTA, but conditions continue to be stronger for the City of Toronto......Read More
Over the years we have watched the Black Friday phenomena move north of the border and now it is not unusual to see line-ups outside big box stores in Toronto. As always the in demand items are electronics, televisions, clothes and… Real Estate? While a few weeks back we might have thought we were headed for an early end to the Fall market, that definitely does not seem to be the case as we get into the second half of November. Don’t get us wrong, these are not door crasher numbers but sales in the Freehold category increased and the condo market continues to defy every new bit of legislation the government can throw at it.......Read More
In the olden days of yore we used to judge the changing of the seasons by stepping outside and observing the natural environment. Cooler evenings and the kaleidoscope of colours would indicate the onset of Fall and a powdering of snow was a sure indicator that winter was upon us. The weather seems a less reliable indicator these days but not to worry the world of marketing and retail sales will keep us focused on the changing seasons. If you haven’t left your house since Halloween you may not have noticed that it is suddenly Christmas everywhere you look. Unfortunately, the real estate market does not flip seasons as easily as your local retailer and the indicators we look for are harder to spot. The fall market is influenced by many things including believe it or not, when we get our first snow fall. Snow and bad weather not only indicate the approaching holidays when nobody really wants strangers tromping through their houses in Uggs and Blundstones and understandably the typical Seller and Buyer start to consider things other than real estate (I know we hardly believe it ourselves).....Read More
The Toronto Real Estate Board released the market stats for October and its good news once again! We saw a dramatic increase in sales (7,118) between September and October of almost 12 per cent pointing to stronger fall market conditions. The average selling price for the GTA for October was $780,000 up by 2.3 per cent compared to $762,691 in October 2016. For the City of Toronto the average sale price for October was $818,201 compared to $769,712 in October 2016 up by 6.3 per cent!
"Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years. So, while the number of transactions (7,118) was still down relative to last year's record pace, it certainly does appear that sales momentum is picking up" said Mr. Syrianos, TREB president.Read More
We’ve recently noticed a trend of Realtors walking around and playing with yo-yo’s. Yes, that well known toy that goes up and down the string, up and down, up and down. Forgive us if our emotions are playing out with our toys because the market is starting to feel a little like a yo-yo. One week the market is taking off and then we take a break for the long weekend. The next week we see the listings come out and think up it will go. Then we listen to the government introduce new mortgage rules and we start to wonder if this is the week it will slow down. But wait, maybe changes to mortgage rules will mean a rush of buyers trying to purchase before the new rules come into effect. Up and down, up and down.....Read More
Pride week in Toronto was a colourful success and Bosley's participation in Family Pride was a whole lot-of-fun! As we are coming up to the much anticipated "Canada 150" long weekend, this will be a weekend to participate in the festivities around town. With so many events happening in Toronto to celebrate Canada's big birthday it will be hard to narrow down which events to attend. (Check them out here)
It's not unusual for listings to start tapering off before a long weekend. Last week new listings were down slightly by 9% for the freehold sector compared to the week before, but in the condo market, new listings were up a whopping 43%. Interestingly half of the freehold homes in the $700 to $1.5m range, sold over the asking!Read More
Back in the old days of real estate the Realtors® would work hard up until the end of June and then they would take the summer off, as did most of their clients. Over the past many years the Spring market has lasted well into the summer with usually just a short break in the dog days of August. We are definitely feeling old school with the slow pace of listings and even slower pace of sales heading into summer this year. It reminds us though, as the families stop thinking about real estate and start thinking about camp, that there is a new summer real estate season driven by the tens of thousands of students who flock to the city to study at one of the many universities.Read More
If the real estate market were like a game of golf we would probably be on the back nine right now wondering if we were going to pull our game together or bogey our way to the clubhouse. If you are a Seller you are definitely wondering how your game fell apart so quickly after hitting the fairway with every drive and sinking every putt through the beginning of the season. The confusing part might be why the Buyers haven’t picked up their game as we finish out the season. The market has definitely started to slow down early for the summer and the jury is still out on whether the Sellers who sold in March hit the hole in one or if the Buyers grabbing properties during this quieter time will be the ultimate winner.Read More
Inquiring minds want to know if the new mortgage rules are having an impact on housing activity in Toronto. Frankly we are as curious as the next guy but as it stands now we have not seen much change. Overall activity in the 416 continues to be strong as demonstrated by rising prices across every category of shelter. For the first time, affordability in the rental sector is raising concerns as the average price of a one bedroom condo increased by over 7% in the 3rd quarter of 2016.....Read More
We hate to add fuel to the flame of an already sizzling real estate market in Toronto, but if you aren`t keeping score on what`s been happening you are missing out on some very valuable information. For the last few years we`ve been keeping better track of the Toronto market than Sportsnet keeps track of Josh Donaldson`s batting average. But averages don`t tell the whole story...that`s where we come in. Giving you the lowdown based on the experiences of over 260 agents working in the 416!Read More
The date may say April 1st, but let us be clear...there is no joke about the Toronto real estate market. Hold tight, the spring market, the season of multiple offers , is upon us. Buying a property these days requires nerves of steel and a determined constitution. For the next few monthsmedia outlets will be sharing stories of stunning wins and colossal losses. Get ready for Toronto's own version of "Game of Homes".Read More
Last week was a repeat of last year where we had the perfect storm of back-to-back holidays. First there was March Break followed closely by Easter long weekend. Not surprisingly, these events play havoc with an otherwise busy Toronto real estate market. It’s a tospy-turvy world out there but with no holidays for the foreseeable future we should see more predictable increases in listings and strong sales in the downtown core. And there’s even more good news...Summer is just around the corner!Read More
It’s hard to believe that we are already one month into 2016. This winter is already the second warmest on record thanks to our friend El Nino. In real estate terms, mild winters are a blessing for those intrepid Realtors. It means no snow drifts to climb over, no hunting for parking spots while out showing and less layers to wear. Of course this would all be great if there were properties to show but our research indicates that listings in both the freehold and condo sector have backed off substantially from one year ago while demand has not wavered.
In the freehold sector, listings continue to be a source of concern. One year ago there were 221 new listings compared to just 120 this year. Sales on the other hand are brisk. Our records indicate 115 sales last week compared to a mere 74 for the same period last year. It is interesting to note that last year only about 53% of homes sold at or above asking while this year that percentage has climbed to 66.7. The hottest area was the east core where nearly 90% of homes sold at or over the asking price.
A similar market exists in the resale condominium sector. Listings are off about 20% while sales are up by 32% from one year ago. Last year sales at or over the list price were a very respectable 18.9% while this year we are reporting 22.4%. While the number of new listings has remained stable in the east and west, there is a noticeable drop in the central core, proving once again that demand still exists for central condos.
It’s been a few weeks since we last reported and this being the beginning of a brand new year we wanted to get off to an early AND fresh start. Here’s a recap of what we are all about...Read More
Let’s agree to call the next few weeks the ‘calm before the storm’. Every year, in the days leading up to the Christmas holidays, the Toronto real estate market takes a little breather. After the biggest year on record in terms of transaction numbers and price appreciation, we feel some rest and relaxation is well earned. Judging by the activity around our offices we know that 2016 will be another strong year. We hope you have enjoyed our weekly market updates and look forward to reporting on Toronto’s downtown core in the new year.Read More
Last week’s real estate market update could best be described by the simple phrase “no news is good news”. Across the downtown core it appears that while listings are inching lower, there is still plenty of appetite for buying a home. Give it time though. In talking with our agents we know that many buyers are waiting patiently for the spring market. In a few months pent up demand will return and buying a home in Toronto will look like Black Friday at a big box store in the United States.....Read More
After a brief dip a few weeks ago, the number of new listings in both the freehold and condo sectors jumped last week. While this increase is still much lower than historical averages it forces the question…what gives? The simplest answer is that we are witnessing the last hooray before the listing taps start to close over the winter holidays.Read More
Curious to know how many homes were sold last month? How many condos? How much traffic the Bosley team got from open houses? All this and more in this month’s real estate review.Read More