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MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 30TH, 2016


We aren’t sure what is worse...the break-up of Brangelina or the federal government’s proposed new mortgage rules. Like other government initiatives we Canadians can be pretty forgiving, and it’s likely that after we have adapted to the changes things will return to normal. But the end of Brangelina? Well that’s going to leave a scar. Maybe a Blue Jay playoff run could dull the pain.

It could be just the anticipation of a long weekend but freehold listings were down by 25% last week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an extraordinary 53.7% from the previous period and as expected, supply and demand economics propelled 76.1% of sales at or above the list price, (the highest level since mid-May. Not surprisingly, houses priced in the $400-$700K range were in demand the most with 38 out of 40 homes sold over the asking price.

The condominium market performed similarly to the freehold market last week with a 15% reduction in new listings to 368 units throughout the core. Sales improved by 10.3% from the previous week, and the activity continues to be strong with 43.4% of condos selling at or above the list price. The east and west core shows the depth of the market’s demand with more sales (45 combined) than listings (32 combined). Overall, 86% of condos sold in the 416 are below $700k.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, 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:

Two Ontario real estate associations oppose foreign buyer tax in Toronto
Two Ontario real estate associations have voiced opposition to following in Vancouver’s footsteps and implementing a tax on foreign homebuyers, saying that such a “knee-jerk reaction” could have negative implications for the economy.

Ontario Premier Kathleen Wynne is worried about Toronto’s skyrocketing housing prices – but says her government needs more information about what is driving the problem before deciding whether to bring in a foreign-buyer tax similar to British Columbia’s. (Fred Lum/The Globe and Mail)

Ontario Premier Wynne ‘concerned’ about rapidly rising housing prices

Ontario Premier Kathleen Wynne is worried about Toronto’s skyrocketing housing prices – but says her government needs more information about what is driving the problem before deciding whether to bring in a foreign-buyer tax similar to British Columbia’s..

http://bosleyrealestate.com/media/8db31aa0-8c98-4baa-9f13-46d1a6c49a79/o4ZrDA/Bosley%20Real%20Estate/BOSLEY-SOLD-PATRICK.jpg

Be wary of buying illegally built homes
Tarion Warranty Corporation has warned Ontario’s builders and real-estate agents they can be charged and fined if involved in the sale of an unregistered and illegally built home.

http://bosleyrealestate.com/media/22023073-7418-4307-a7a9-591013b19745/5nEq2Q/Bosley%20Real%20Estate/Press/bosley-sold.jpg

Time for the Liberals to take initiative on Toronto’s housing market: Cohn
Toronto’s housing hysteria reminds us that one can have too much of a good thing.

Toronto needs more revenue tools, write Maureen O’Reilly and John Cartwright, such as a "hotel room tax, which the McGuinty government refused to allow Toronto to utilize."

It takes money to produce a great city
Toronto has been going through an incredibly difficult time over the last two decades, where working families have seen their wages stagnate while living costs soar, they’ve felt frustration from a transit system that is lagging and city services that are constantly decreasing accessibility.

 


Bosley Real Estate Ltd., Brokerage,
Toronto Real Estate firm independently owned & operated

 


Latest Real Estate News


GTA REALTORS® Report Sales and Price Growth in September

 
TORONTO, September 16, 2009 - In the first two weeks of September, Greater Toronto REALTORS® reported 3,361 sales – up 23 per cent compared to the first two weeks of September 2008. The average price for these transactions was up eight per cent year-over-year to $393,818.
 
"An increasing number of positive reports pointing to economic recovery coupled with low interest rates have kept households confident in purchasing a home," said TREB President Tom Lebour.
 
Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price, at $386,302, is up by one per cent from $383,776.
 
"Tighter market conditions since May, as evidenced by rising sales relative to listings and declining average days on the market, have resulted in stronger average price growth," explained Jason Mercer, TREB's Senior Manager of Market Analysis.

Latest Real Estate News


July: More Records Broken   

August 2, 2007 -- TREB Members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month.

Furthermore, July makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been," said TREB President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever."

While sales have set a blistering pace, prices eased in July, down two per cent to $366,012 from June's average of $373,719. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential homebuyers and sellers go on holiday." He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.

Breaking down the total, 3,424 sales were reported in TREB’s 28 West districts and averaged $347,978; 1,590 sales were reported in the 14 Central districts and averaged $470,464; 1,797 sales were reported in the 23 North districts and averaged $392,360; and 2,101 sales were reported in TREB’s 21 East districts and averaged $293,819. 

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