J. Scott Wilson at Bosley Real Estate Ltd., Brokerage
5-233 King Street L0S 1J0 Toronto, ON, Canada

CITY OF TORONTO (416) & GTA MARKET SNAPSHOTS FOR APRIL 2022 #bosleyrealestate #torontorealestate #torontorealty #aprilrealestatemarket

MARKET UPDATE FOR THE WEEK ENDING APRIL 22ND, 2022 New CREA (Canadian Real Estate Association) Pilot Program Will Let Homebuyers See All Offers in Real Time In a first for Canada, a new pilot program from the Canadian Real Estate Association, will allow home buyers to tract in real time all registered offers placed on a property as they ’re submitted. The real-time tracking will be shown on a property’s REALTOR.ca listing, using Australian property technology company Openn Ne...Continue reading

MARKET UPDATE FOR THE WEEK ENDING APRIL 8TH, 2022 GTA home prices are up 18.5% compared to March 2021 The housing market remains tight in the Greater Toronto Area, but signs are pointing to some rebalancing compared to 2021’s record levels. In its monthly market report for March 2022, the Toronto Regional Real Estate Board (TRREB) stated that last month was the third-best March and second-best first quarter on record. Almost 11,000 sales were recorded over the region’s MLS wh...ile about 20,000 new listings became available, but average price growth slowed slightly on a monthly basis. In the first sign of real estate relief since spring 2020, average home prices took a small month-over-month hit in March, bucking the usual upward spring price trajectory and falling by 2.6 per cent. The drop from $1.33 million to $1.29 million suggests prices may be moderating, said TRREB. There have been indications in recent weeks of a slight shift away from overheated bidding wars as more listings came on the market. The change, say realtors, is leaving some home-sellers dismayed because they aren’t attracting the same interest as their neighbours, who sold earlier, and it could be affecting the buy-before-you-sell dynamic. But with the average house or condo still selling for 18 per cent more than last March, it remains a tight sellers’ market. The average selling price of a Toronto home in March 2022 is now at $1,299,894 that’s a $57,101 increase from the average in January 2022 and a $202,543 increase from last year’s average in March 2021. Detached house prices were down about $100,000 in March compared to February but still selling for about $1.7 million on average a 21 per cent year-over-year increase. Condos, however, sold for about $8,000 more on average in March than in February a 19.6 per cent year-over-year rise to $808,566 on average. In Toronto the average price for a condo is $831,351. We did experience more balance in the first quarter of 2022 compared to last year, said TRREB Chief Market Analyst Jason Mercer. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year. The number of sales was also down by 30%. In March 2021, 15,628 homes were sold, while in March 2022, there were only 10,955 registered sales. There were also fewer new listings last month.

MARKET SNAPSHOT - MARCH 2022 City of Toronto (416) and GTA #bosleyrealestate #torontorealestate #torontorealtor #realestate #gta #cityoftoronto

MARKET UPDATE FOR THE WEEK ENDING MARCH 25TH, 2022 New Condominium Sales Reach Second Highest Level on Record in 2021 Greater Toronto Area (GTA) new condominium apartment sales totaled 30,844 units in 2021, increasing by 69% over 2020 (18,282 units) and narrowly missing the all-time high reached in 2017 (31,216 units). The market capped off the year with exceptional strength as fourth quarter sales of 8,361 units represented 77% year-over-year growth and the highest Q4 on rec...ord. After the pandemic impacted presale launch activity in 2020, a total of 92 projects and 26,835 units were brought to market in 2021 a 49% increase over 2020 and the third highest level behind 2017 (29,529 units) and 2011 (28,448 units). These new units were met with record demand as their absorption rate reached a high of 85%, far surpassing the 10-year average of 66%. Furthermore, an 85% share of projects that launched for presale in 2021 sold at least 70% of their units, with the length of time needed to meet this level averaging only 2.6 months (average project size of 270 units). With the total number of sales in 2021 outweighing the number of new launches last year by over 4,000 units, unsold inventory dropped 26% year-over-year to a 14-quarter low of 10,422 units in Q4-2021. Unsold inventory was 31% below the 10-year average of 15,003 units and equal to only 4.1 months of supply. In the 905 region of the GTA, inventory fell to a low of 2.4 months in Q4-2021, compared to 5.7 months in the City of Toronto (416 area). Pricing for new condo units averaged $1,322 psf in Q4-2021, increasing 18% annually the fastest pace for new condo price appreciation since 2018. Prices increased the most in the 905 region with 23% annual growth to an average of $1,050 psf, while City of Toronto prices grew 17% year-over-year to an average of $1,429 psf. Even with a large increase in new condo project launches in 2021, demand continued to outpace supply, leaving the market with exceptionally low inventory and surging prices heading in 2022. With resale supply also scare, expect competitive market conditions to sustain in the near term. However, by the second half of the year, interest rate increases, record condo completions, and policy changes that likely target investors should lead to more moderate levels of presale activity. --Shaun Hildebrand, President of Urbanation

CANADIAN HOME PRICES SEEN SPIKING 9% NEXT YEAR ON LOW MORTGAGE RATES AND TIGHT SUPPLY IN ONTARIO. Canada’s average home price is expected to jump 9 per cent next year, the national real estate group said in a forecast, with record low mortgage rates and a housing shortage in Ontario and Quebec increasing competition among buyers. The prediction for a strong 2021 comes after this year’s surprise boom in the housing market, with the pandemic’s work from home phenomena trigger...ing homebuyers to seek larger living spaces and bid up prices across most of the country. The Canadian Real Estate Association (CREA) expects the average selling price to hit $620,400 in 2021 compared with an estimated $568,000 this year.Although CREA expects the pace of home sales to slow next year compared to this year’s buying frenzy, the association forecast sales rising 7 per cent to 584,000 units in 2021. With sales surging in Toronto, most of Ontario, Atlantic Canada, Quebec and B.C., the national association expects this year’s sales to reach a record 544,413 units, an 11 per cent increase over 2019. CREA said demand continues to exceed supply in major real estate markets such as Toronto. The association predicts sales to increase in all provinces but Ontario where it said a shortage of property listings will limit activity. Today’s forecast was CREA’s first since last year. CREA typically publishes a forecast every quarter but stopped issuing outlooks during the early months of the pandemic because of the massive uncertainty. GLOBE & MAIL

NOVEMBER MARKET SNAPSHOT - CITY OF TORONTO (416)

NOVEMBER MARKET SNAPSHOT - GTA

UPDATE FOR THE WEEK ENDING NOVEMBER 27TH, 2020 With listings in both the freehold and condo sectors slowing down as we near the end of the month, the debate rages on. Should buyers wait until the New Year to purchase a new home or jump into the market now? There are different points of view on this topic. If you wait there will be more choice BUT you will be competing with all the other buyers who are also waiting for the spring market. More buyers bidding on the same home wi...ll drive prices higher. If you buy now there is less choice but fewer buyers. Still, demand for single-family homes supported by low interest rates and teleworkers, will keep the housing market resilient overall. What’s driving the market now is the lack of inventory. We have entered what is universally known as the holiday season and the freehold market seems to respect this, so we are not surprised to see the number of listings declining from the previous week, down by 19%. We did see a nice jump in sales, up 20% week-over-week. We believe the ultra low mortgage rates (some banks as low as 1.85% for a five-year term) are keeping buyers interested and this has resulted in 54% of freehold properties selling at or above their advertised price. The condo market saw a modest decline of 15% in new listings compared to last week but saw a small 3% uptick in sales. Forecasters expect the economy to improve next year now that there will be Covid vaccines available in the new year. For the short term, the winter will provide some good entry positions given the relatively soft nature of the condo market. There is plenty of choice out there now!

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UPDATE FOR THE WEEK ENDING NOVEMBER 20TH, 2020 Toronto Condo Prices Down 9% from Peak - Recent news articles about Toronto’s condo market range from pessimistic to optimistic leaving many wondering what exactly is happening. In early October condo listings surged 215% in downtown Toronto, while a couple of weeks later an article titled Toronto condo prices rise over 8% even as new listings surge. Jason Mercer, chief market analyst with the TRREB is saying there is still en...ough competition between buyers to support average selling prices substantially above last year’s levels. While this is technically true, it leaves one with the impression that condo prices are trending up when in fact average condo prices have been trending down over the past seven months. To better understand how prices can be up over last year but still be trending down we’ll need to look at some data on the downtown Toronto condo market (the area south of Bloor between the DVP and Dufferin) since it’s the hardest hit area in the GTA. Condo prices downtown were relatively steady during the first three quarters of 2019. The average price for a downtown condo in the third quarter of 2019 was $714K. But in the last quarter of 2019 and the first quarter of 2020 the market changed significantly. A sudden surge in demand coupled with very tight inventory resulted in a very competitive market which pushed average prices up to $820K in the first quarter of 2020, a $100K (15%) increase in just six months. Since then average condo prices downtown fell by 9% to just under $750K. We typically don’t analyze changes in home prices or sales on a month over month or quarter over quarter basis. Real estate is a seasonal business, so we typically compare prices and sales against the same period last year. But the risk with only comparing home prices year over year is that it can sometimes give us a false impression of the market today. That’s why the statement below from Urbanation’s Shaun Hildebrand really captures what is happening in the condo market today: It’s very likely that by the first quarter of 2021 we could be in a situation where we see double digit year over year declines in average condo prices downtown, and that’s under a scenario where prices remain flat from where they are right now. Shaun’s prediction was not based on a forecast of the future, but a better understanding of where the market is today. Condo prices are already down 9% from their peak, and even if they remain flat for the next five months, we will see close to a double-digit year over year decline in downtown condo prices in the first quarter. The bigger question will be whether or not condo prices stay flat over the next five months or whether we will see more downward pressure on prices. (Move Smartly Report)