Brian O'Donoghue

 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.

 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.

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.