J. Scott Wilson


BOSLEY MARKET UPDATE FOR THE WEEK ENDING APRIL 5TH, 2019


Bye, bye March! Welcome sunshine, warm weather, spring flowers and more listings! The March real estate update was released this week and housing sales suggests signs of some stability in Toronto’s market. The market is NOT posting declines in prices and the gains are modest. In fact, the average sale price for the City of Toronto is $830,043, up 1.5% from March of last year. We also saw new listings up 2% to 4,527 year-over-year, but the number of sales were down 9%. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has receded. This means that in many neighbourhoods we continue to see fierce competition between buyers for available listings and plenty of bidding wars.


The freehold sector witnessed its biggest increase in sold properties last week up 69% across the downtown core. There is still a bit of catching up to do on the listings side with only a 21% increase week-over-week. It is still interesting to note that the number of homes sold at or above the list price has remained consistent at a staggering 65%.


In the market report the average condo came in at $603,969 up 2.3% compared to March of last year. Last week we saw a 12% drop in new listings in the downtown core, but sales saw a significant increase, up nearly 31% over the previous week and of those sold, 45% sold above the list price.


The rental market report was also released this week and the GTA reported 6,646 condo apartment rental transactions in the first quarter of 2019. The average one-bedroom condo apartment saw a 7.4% increase to $2,143 a month and the average two-bedroom saw a 6% increase to $2,811 a month.


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.

MARKET UPDATE FOR THE WEEK ENDING MARCH 29TH, 2019

MARKET UPDATE FOR THE WEEK ENDING MARCH 29TH, 2019

Now that March is almost over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. The Globe reported this week that Toronto has 104 construction cranes, the most tower cranes of any North American city. The next closest city was Seattle with 59 cranes. A tally of cranes in major cities provides a snapshot of economic sentiment. Based on this consulting firm’s findings, no North American city is healthier than Toronto. Just simply look up!


The freehold sector has witnessed its biggest increase of the year with listings up a whopping 117% throughout all neighbourhoods in Toronto. We aren’t surprised that would happen now that we are all back from spring break. Again, it’s the price range between $700,000 and $1,500,000 that dominates, although last week there were over 80 properties listed above $1.5M. There is still a bit of catching up to do on the sales side, however. Sold properties were down 14% week-over-week, but that should change next week now that we have more listings.

Again, a similar market exists in the resale condominium sector. Listings were up last week by 18% and the biggest jump happened in the central core’s first-time buyer’s price range of condos listed between $400K and $700K. Sales have been trending upwards as well, and we are still reporting close to 52% of condo transactions selling at or above the list price 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.

Comments:
No comments

Post Your Comment: