This week we have good news and bad news. The bad news is that the Toronto Maple Leafs are out of the playoffs. The good news is that without that distraction we can concentrate on Toronto’s next favourite past time...Real Estate. With the Spring market upon us you have to think fast to keep up.
The number of freehold listings rose by 15% last week. If you are keeping track, that’s nearly a 30% increase in the last two weeks. While more choice for homebuyers is a welcome change to a very tight market, buyers are snapping up properties as fast as they are being listed. Last week 68% of homes traded at or above the list price which is 2% higher than the previous week and only 2% lower than the all time record set two weeks ago. In the East core we witnessed a near sweep in the $400K to $700K category as 32 out of 35 homes sold over asking. Even the high-end home market (those listed above $3M) showed a little life last week as 8 homes traded in the Central core.
The condo market continues to amaze us as well. Last week we saw a slight backing off of new listings combined with an 11% increase in sales. Once again it is the $700K-$1.5M category in the Central core that is witnessing the biggest growth. Suites selling at or above the list price have been holding steady at 25% for the last four weeks. The luxury segment ($3M plus) continues to be the weak link in terms of sales.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.