Brian O'Donoghue

Sales Representative

Direct 647-405-3126 | bodonoghue@bosleyrealestate.com

The government is at it again. On Tuesday they said they would make it easier for some people to get into the housing market by tweaking the mortgage stress test, making it slightly lower for insured loans. The Office of the Superintendent of Financial Institutions (OSFI), which regulates banks is expected to extend a new weekly benchmark to uninsured mortgages this spring. It’s a move that could be worrisome because some believe this will fuel prices even more, especially at the lower end of the market where condos are already in short supply. The number of condos available for sale in January was the lowest it’s been in 25 years. A lot of that is due to investors holding onto their units. Condo prices appreciated 15 percent last year.


The number of new listings continued to contract last week but that could be because of the family day holiday. There were 19% fewer listings week over week which created increased competition with 10% more sold properties and of those, 66 percent sold at or over the asking price. The east core continues to be a hot district which had 24 properties sold and of those 22 sold above the asking price.


The condo market is having the reverse effect. Overall listings were up 13% in the central core last week and the sold numbers were steady week to week and of the condos sold, 64% sold at or over the asking price. Resale condos that were selling for $1000 a square foot downtown a few months ago are now fetching $1,100 or close to $1,200 a square foot in some cases. Meanwhile, condos selling in the preconstruction phase are commanding $1,400 a square foot or more.

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Is the Toronto housing market picking up steam at an “uncomfortable” pace thatresembles  the  sky-high  gains  of  2016?  One  just  has  to  look  at  the  number  of multiple offers and wild bidding wars to know that demand is at an all time high.So  what  should  we  expect  as  we  move  forward?  Hopefully  as  we  start  movinginto  the  spring  market  many  agents  are  anxious  to  see  if  listings  will  become  more plentiful especially after this long family weekend. We as realtors continue to do what we always do. We perform our duties and forge ahead. Let us take thisweekend to be with family and see what next week brings us. Happy Family Day!


We have been collecting weekly sales data for awhile now and it is often fun tolook back a year and compare markets. For instance, last year at this time therewere 15% more freehold listings available throughout all neighbourhoods but sold properties were down 55% in 2019 at this time. The number of properties sellingat or above the asking price this year is at 62% compared to last year which was 58%.


The resale condo sector is following the same trends. New listings are down 18%than the same period last year but sales are up a whooping 62% more than lastyear at this time. And the number of condos sold at or above the asking price isstill at a high of 62%. The condo market has been traditionally reserved for first-time buyers, but as freehold home ownership becomes less affordable, we expecteven more activity in the condo market.

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 Wanted! - The desperately low inventory of properties for sale is responsible for the intense competition going on. Buyers fear that prices will escalate even more if they wait. Example 1: A property in Brampton gets an astounding 77 bidders for a rundown detached house and sells for $166,000 over ask. Example 2: A semidetached in the Junction neighbourhood was listed for $949,000 and 33 offers came in and sold for $470,000 above the asking price. But the craziest one was this week on a property in prime High Park which was listed for $1,299,000 and it received 38 offers and sold for $2,300,000 !!!!


Toronto’s job market added 210,000 new jobs in 2019, the largest annual increase on record and wage gains were the strongest since 2008. All this combined with low mortgage rates and early reports of eye-popping sales can spur on buyers, but the buzz can also discourage some buyers who don’t want to get carried away in competition. Bottom line ... we need more listings!


In the freehold, sector listings continue to be a source of concern as we have indicated above. One year ago, we had 28% more listings than we do today. The good news is that sales were up week-over-week almost 60%. But given the fewer listings, the number of homes that sold at or above the asking price remains high at 58%.


The condo market is well on its way to market health again. We saw listings increase 7% week-over-week and compared to the same period last year listings have climbed by 16%. The number of sold condos increased by 27% last week and the increasing demand continues to push the number of units selling at or above the list price to 57%, which points to continued strength in the high-rise market.


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.

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Is it safe to say that the Toronto real estate market is moving into uncharted waters these days? The go-to response to the steady increase in prices has been the lack of listings, high demand, and low borrowing costs. Are we seeing a flashback to early 2017? What has transpired are stories of multiple offers, wild bidding wars, and many broken dreams. So, what should we expect as we move forward this year? We complained about not enough listings last year too, so we expect to see high demand pushing prices in an upward direction for the unforeseeable future.


The freehold sector is starting to show signs of life as we saw more listings come to market last week. Compared to last year at the same time though we are down 32% in new listings. The lack of inventory discourages some buyers from even looking because they don’t see much selection out there. That, in turn, suppresses supply because they’re not listing their existing homes. With more sales than listings happening the increased competition resulted in an increase of 48% of available properties selling at or above the asking price.


If you thought of shifting your dreams of home ownership to the condo market would make life easier, be prepared for a little disappointment. Throughout 2019 we watched as competition for resale condos increased dramatically from about 35% of all condos selling at or above the list price at the beginning of the year to over 48% by December. January 2020 has not shown any relief. In fact, last week's numbers showed that 55% of condos sold in multiple offers, thanks in part to a shortage of listings coming to market. Compared to last year at this time we are down 27% in new condo listings.


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.

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 Happy New Year! A new year and new decade begins. Let’s sum up the real estate market for 2019.


• GTA realtors reported 87,825 sales through Treb’s MLS system — up 12.6% compared to 78,015 for 2018 - the decade low. • New listings entered into the MLS system (153,000) were down 2.4% compared to 2018 • The average selling price for the GTA was up 4% to $819,319 and for the City of Toronto the average price was up 5.6% to $874,834 • The average sale price for a condo in Toronto was up 10.3% to $656,233 compared to $594,381 in 2018.


The real estate market surprised most housing economists in 2019. It started off slow with slumping sales and price declines but quickly turned a corner as home buyers who were on the sidelines moved back into the marketplace starting in the early spring. Buyer confidence rallied with a strong economy and declining mortgage rates over the course of the year.


With home sales showing no signs of fading in the new year, all eyes will be on the supply issue. Buyers are hoping that a new year will bring a rush of new listings to market, but industry leaders are not so optimistic as the market ended last year with a plunge in inventory that sent prices in the opposite direction.Toronto’s home prices are predicted to rise 6% this year. This is due to a strong local economy, high employment, strong immigration and mortgage rates are unlikely to rise.


It is too early to predict what will happen. Generally speaking, January is a slow month for new listings, but demand is high and the weather has been kind so hopefully we will see a faster release of new properties on the market.


The waiting game begins!


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.

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As the calendar flips for the last time this year and we are less than a month shy of Christmas, it feels like we are all gearing up for the holiday festivities. Agents are busy sending out cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. Real estate economists’ view of the market’s performance in 2019 is that it was a solid year. The year played out in dramatic fashion. We had a sluggish start in the beginning of the year but by spring and into the summer months, fortunes reversed and the market overall has been on something of a hot streak. And to brighten the picture even further, the housing outlook for 2020 is resoundingly positive.


The freehold sector in all neighbourhoods of the city saw a 4% drop in new listings last week. As December approaches we also saw a drop in sales by 4% for all freehold properties but the bidding wars are still happening with 54 per cent selling over the asking price.


Like the freehold market, the resale condominium sector is following the same trends. New listings are down 8% week-over-week, but sales were only down 5%. Condos that sold above their advertised price represented 46% of the total for the week and this is a number that has remained fairly consistent throughout the fall market.


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.

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 HO HO HO here comes Santa! The annual Santa Clause parade comes to town on Sunday and if that doesn’t signal the start of winter then this week’s blast of early snow sure did. Despite the early onset of snow and temperature drop there is no sign that the real estate market is slipping into hibernation yet. A shortage of listings has been the problem for most of the year but when we ask around the office if agents have buyers they are working with everyone puts their hand up. We know there are many frustrated buyers out there, but we would encourage them to all keep looking.

If you are thinking of putting your buying intentions on hold you might pay the ultimate price when prices escalate in the Spring...just like they did last year.


Clearly as we see the year start to wind down freehold listings are not increasing week to week. Last week we saw an 8% drop and sales also dropped by 7%. These statistics are not uncommon when you compare to previous years. Its more a statement of the approaching winter market. Still, sentiment for home ownership remains strong as nearly 61% of sales happened at or above the list price.


The condo market on the other hand saw a 10% increase in new sales last week, but a sharp drop in sales down by 24%. Multiple offers once reaching a high of 52% of suites sold back in October has diminished to a still healthy 43% of condos selling at or above the asking price. We are still seeing heightened activity in the more price-friendly price point for first time buyers being between $400K to $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.

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 The Toronto Real Estate Board released the market stats for the month of October and all we can say is we are UP! October continued the string of strong performances. Beginning in the spring the Toronto and GTA market have shown month per month growth in sales and sale prices. The average sale price for the City of Toronto is $925,498 up 6.4% from a year ago. The number of sales has also increased by 8.7%. Still the growing concern is the lack of inventory with active listings down almost 6% compared to last year resulting in tighter market conditions and accelerating price growth.


Last week in the city the freehold sector saw a 10% drop in new listings. Sales were also lower than the previous week, down 12%. We are still witnessing a bit of everything, with some listings sitting on the market, some listings selling in crazy bidding wars and scores of potential buyers cautiously waiting for the right house. Still, sentiment for home ownership remains strong as nearly 55% of home transactions in the 416 sold at or above the asking price.


The condo market did not see an increase in new listings but rather a 12% drop from the previous week, but sales were up 9%. The condo sector stats for October were also stellar. The average condo price came in at $662,631 up 9.8% from October 2018. With nearly 50% of sold units still happening at or above the list price, the condo market continues to lead the way in terms of price growth in the GTA.


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.

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Now that Halloween is behind us and the time has come to turn back the clocks this weekend, it’s the world of marketing and retail sales that will keep us focused on the changing seasons. If you haven’t been to a big box store lately 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.


This fall has been a particularly quirky market. Some areas are hotter than average and setting records and some neighbourhoods feel like they are in a cool chill. We don’t know why this is happening making some of us think that the market will end early and has others thinking it will go to the last day of the year. We will keep on working and let you know how our seasonal transition fairs.


Last week in the city the freehold market saw a decline of 27% in new listings but a massive increase of 60% more sales than the past three weeks. This is not uncommon given that we had the federal election and Thanksgiving to contend with. Tight supply has been the ongoing story for most of the year. Homes trading at or above the list price is at a very respectable 65%, well within the range we have seen for a strong fall market.


The condo market held steady with a small 3% increase in new listings, but a 19% increase in sold condos and of those sold 52% sold at or over the list price. Next week we will have the statistics for the month of October to report. Let’s see how that unfolds.


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.

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 With no distractions to stand in our way for at least the next month or so we should see a return to a more customary fall market. No more holidays and disruptions just a steady pace of more listings and sales to continue. With two months left in 2019 there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.


Last week freehold listings shot up 53% considering the prior three weeks were sluggish. The crowd of hopeful sellers all waited to list their properties as soon as Thanksgiving was over. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where “special” properties are getting snapped up in a day. We are seeing sale prices surpass the craziness of the early days of 2017. Again, with the shortage of listings we are experiencing very localized market conditions.


The condo sector held steady in terms of new resale listings as the number of available suites dropped a marginal 5% from the previous week. Sales were also down however the demand is still visible with 44% of units selling at or above the list price. CMHC is forecasting a robust market for the next two years. Conditions in Toronto mean first-time buyers are likely to face stiffer competition for homes therefore looking for more affordable types of housing like condos. Condo prices will remain strong because they feed the demand for homebuyers but also investors buying to rent out their unit.


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.

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 Home sales continue to rebound as sales jump across the country. It’s the seventh straight month that home sales have grown with an upswing in activity, and record prices in Toronto and the surrounding suburbs. This has many people concerned as to the affordability which has become a major issue in the upcoming federal election with all major parties promising to improve affordability, particularly for first-time buyers. With all this uncertainty and the Thanksgiving holiday last week, it did contribute to a slowdown in both listings and sales in all neighbourhoods of Toronto. As we wade into the final days of the election, we shall soon see who will hold power. Get out and vote!


The freehold market continues to follow the long weekend pattern with listings down 32%, while sales remained consistent with the previous week. Sales at or above the list price also fell slightly from the previous week to 54%. The east end is still leading the pack with 63 percent of sales sold at or above the asking price. The condo resale market has finally broken from tradition by mimicking its freehold rival. Listings were off pace, down 12% from last week while sales tapered off by 11%. Sales at or above the list price dropped to 43%, the lowest its been since the summer months. The hot spot in the downtown core is the $450,000 to $700,000 price range with one out of every two condos selling at or above the list price.


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.

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October marks a time of reflection and gratitude. This weekend for Thanksgiving we will gather around the table with loved ones and enjoy a delicious, bountiful feast and be thankful for family, good health, warm fall weather and thankful for being Realtors ®. Nobody gets to explore the city like we do. As the city learns to live a high-rise lifestyle, we Realtors ® can enjoy some of the city’s most stunning views and wander amongst some awe-inspiring homes in all neighbourhoods of the city. Sure, the year started off slowly with buyers being cautious and playing the wait-and-see-game, but recent stats from the Toronto Real Estate Board show all housing types are up year-over-year in the 416.


It is no surprise with the anticipation of the long weekend that listings were down slightly in the freehold sector. Sales were also down 17% week-over-week as the federal election draws to a close. While we feel the outcome of the election has little bearing on home values, there might be a wait and see attitude. The latest stats from TREB show that the average sale price for a freehold in the City of Toronto is $913,096 up 5.6% from a year ago.


In the condo market there was no change in new listings from the previous week. Sales did improve, up 11% from last week and the activity continues to be strong with 49% of condos selling at or above the list price. The average sale price for a condo in the 416 is now $636,817 up 3.4% from the same time last year.


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.

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With the change in temperature and the end of that laid-back mood of summer, fall always feels like a shift in gears. Changing around your wardrobe and getting ready for those cool days and nights are almost upon us. With the fall market in full swing, the unpredictability of Toronto real estate is perplexing at times. Sales have been recovering and stronger than we expected in recent months. It seems that we are in full recovery with 6 straight months of sales increases for existing homes. Mortgage rates are dropping, and the impact of the mortgage stress test seems to have diminished slightly. Sellers are becoming a little bit more realistic in their pricing, but listings still remain low causing fierce competition among buyers.


Last week the freehold market saw a small 13% dip in new listings from the previous week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an impressive 41% from the previous week and as expected, supply and demand economics propelled 71% of sales at or above the list price. Most of the activity was centered in the east end again in the Riverdale, Danforth Village, Leslieville and Beaches neighbourhoods.


We love witnessing the condo market’s continued success. Listings were up slightly last week by 3% from the previous week. Sales had a healthy 17% increase week-to-week. Keeping in line with previous weeks, 45% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.


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.

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The dog days of August are upon us and if you like it hot and sunny then this is a great summer, unless you’ve lost out on multiple offers and are frustrated with the low inventory of properties for sale. The good news is sales in the GTA for the month of July jumped 24% from the same period last year. Toronto sales have been rebounding all summer from a slump earlier this year as buyers are overcoming tougher mortgage qualification rules and returning to the market. With new listings slow to come to market, prices rose in July as demand outpaced supply. The average selling price for a home in Toronto in July was $839,943. The average condominium price was $627,927 up 7.7% from a year ago.


Listings may be slim right now but it’s a good time for buyers to take advantage of the slow summer with less competition, as there are deals to be found. Some buyers are watching as rivals flow out of town for their summer vacations and can take advantage of their absence to snag a good deal. Properties listed in desirable locations will always attract plenty of buyers no matter what time of the year.


The freehold sector reversed an earlier trend of increased listings by recording a slight 18% drop in available homes last week while also recording a 16% drop in sales. However, competition for those homes was up, with almost 55% of home transactions selling at or above the asking price.

The condo market also saw a sharp 33% decrease in new listings from the previous week, but the sales remained unchanged with over 47% of suites selling at or above the list price.

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Canadian housing enters a “boring” era marking a new period of stability for housing sales, after a less-than-stellar 2018 and early 2019. We have not heard Real Estate referred to as “boring” for a long time but Doug Porter, BMO chief economist says “The big story here is that sales and prices are essentially flat on national basis, and the market is close to overall balance, and therefore sales activity is almost right on top of its 10-year average, which is exactly what policymakers would like to see.” It’s a pretty good spot to be in, avoiding boom but avoiding bust as well.


More than 80 percent of all local markets in Canada were in a balanced market territory in June, the largest share in three years. The overall national market is likely to strengthen modestly over the next 18 months and we are looking for sales and prices to both rises roughly 2 percent in 2020, nationwide.


The Toronto housing market is recovering nicely, and prices are on the rise. TREB predicts the average home price will see a 4.1% gain this year. The one thing that is troubling is that we really haven’t seen any movement in new listings. In fact, we’re starting to see a decline again on a year-over-year basis in the number of listings coming to market. Because of the shortage of new listings, bidding wars are on the rise again. It seems the sky is not falling and with interest rates dropping the combination has brought some enthusiasm back to the housing market. This renewed interest is a contributing factor to rising prices.


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The rental stats were released last week by the Toronto Real Estate Board and the demand for condo apartments still remains strong. For the second quarter of this year 9,749 condo apartment rental transactions were reported, up by 14.9% compared to 2018. The number of condo apartments that were listed were also up by 28.8% on a year-over-year basis. The average 2019 one-bedroom condo apartment rent for the GTA was $2,192, up 6.7% compared to 2018. Over the same period, the average two-bedroom condo apartment rent increased by 4.3% to 2,873. The vacancy rate for the city of Toronto sits at 0.7%. The GTA population continues to trend upward, as the region attracts people from around the world, both on a permanent and temporary basis, to take advantage of a diversity of employment opportunities. Many of these newcomers and existing GTA households choose to rent.


Last week the residential sector did a complete reversal compared to the week before. Listings were down by 5% but overall sales made a gigantic jump, up by 35%. Buyers were back after the long weekend as reported with busy open houses still happening. The majority of the sales are still happening in the east end with 50% of homes in the $800K to $1.5K range selling at or above the list price.


The resale condo market sector is following the same trends, except new listings were up by 7% and sales have climbed by nearly 43% week-over-week. The majority of sales are between the $400K and $700K price point with 52% of condos selling at or above the list price.


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.

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