DanforthWise
290 Merton St M4S1A9 Toronto, ON, Canada

MARKET UPDATE FOR THE WEEK ENDING JUNE 13TH Toronto has a fever and it's not just World Cup fever either. Sure there is a lot of cheering going on in the streets but it's not a celebration of a soccer victory. This time, people are cheering about the value of their homes. The condominium market, the bellwether of real estate health, has been very strong despite claims of overbuilding, and single family homes in the city are averaging over $1 million. Clearly Toronto has a sup...ply and demand issue with over 64% of homes and 25% of condos selling at or over the list price. Weekend open houses and patio seating in Little Italy share one problem....crowd control. Last week new freehold listings jumped substantially. Generally more listings mean more choice for buyers but last week there were more buyers too. The end result was that we saw a 7% increase in the percentage of listings sold at or above the list price (64%). The hot spots in the core were the first-time market in the East and the move-up market in the West where 78% and 75% of homes sold in multiple offers respectively. The condominium market continues to keep pace as well. Despite a nearly 31% increase of new listings on the market last week, sales were strong. Overall, 25% of condos sold at or above the list price, however the east core continues to surprise. Sales in the move-up market, those at $400k and above, have been consistently frothy over the last few months with multiple offers taking place on nearly half the condos sold. No surprise in the high end condo market ($3m +) which remains very quiet.

MARKET UPDATE FOR THE WEEK ENDING JUNE 6TH Have you ever had the feeling you should have zigged when you should have zagged? Have you ever wondered if your trip would have been shorter if you had taken a different route or left at a different time? Those questions, and many more, often confound our research team because lately trying to predict what the real estate market in Toronto will do is like trying to predict what direction an Ikea shopping cart will take you. Call it ...the Yo-Yo effect. Sometimes listings go up and sometimes, for no particular reason....well, they go down. Case in point, the freehold home in the Downtown core. After a flurry of listing activity two weeks ago, listings tapered off last week to below the levels one month ago. Sales are slowing slightly, backing off 13% compared to a week earlier but the number of sales happening at or above the list price is still close to 60%. This week’s hot spot alert goes out to first time buyers looking in the East core where 72% of homes in the $400k-$700k range sold over asking. Last week, the condominium market proved that the previous week’s listing spike was nothing more than an anomaly as new listings returned to average levels more consistent with the last two months. In the Central Core the hot ticket is owned by the first timer and investor market where nearly 50% of the transactions are in the $200k-$400k category. In the East and West core market activity seems to favour the move up buyer (those in the $400k-$700k category). Overall, sales activity remains active with nearly 30% of condos sold at or above the list price. Oh, and in case you are wondering, there are currently 2,926 condos on the market in Toronto’s core. Lots of choice.

MARKET UPDATE FOR THE WEEK ENDING MAY 23RD When economists think the Toronto Real Estate Market is about to crash, the market seems to go up and when bankers say it's going to accelerate it slows down. Trying to figure out what the market is doing is like trying to figure out the most confounding tool of modern times....the Rogers cable remote. Luckily you have the Bosley Insight to provide insights into Toronto's complicated market. For the third week in a row, listings in t...he freehold sector have dropped. Sure, we've had some short work weeks which may have accounted for fewer new listings, but we didn't expect a nearly 50% decline. More surprising was the nearly 80% drop in sales. Normally such declines would signal the end of the Spring Market but our research indicates this is only a temporary setback. Conditional deals are higher than normal this week and over 53% of transactions recorded last week sold at or over the list price. Likewise, the condominium market is following the freehold trend. Last week alone there were 19% fewer new listings available. While there were 11% fewer sales the number of suites selling at or above reached nearly 30%, the highest level this year. The hottest sector continues to be in the mid-range market which we believe is due to first time home buyer frustrations with low inventory and multiple offers. Nowhere is this more evident than in Leslieville and Riverdale where we saw almost every sale above $500k sold substantially over asking.

here's a snapshot of current market conditions!

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MARKET UPDATE FOR THE WEEK ENDING MAY 9TH Last week we reported that the Spring real estate market is in full swing in Toronto now that the warmer weather has arrived. At our offices we’ve put away the salt bags, rolled up the winter mats and cleaned the windows. While Buyers heard us loud and clear, Sellers apparently didn’t get the memo as both the number of freehold and condo listings backed off last week. For now we are going to blame it on last week’s tequila hangover an...d Cinco de Mayo. Freehold home listings retreated by a staggering 24% last week. This was one of the largest week-over-week decreases in a number of months with the biggest decrease in new listings happening in the central core’s $1.5m to $3m price range. Naturally this is not the news that buyers want to hear as they are still out there waiting to purchase. Need evidence? How about the fact that we witnessed a 16% increase in sales in the Toronto Core AND watched the sale-to-price ratio increase to 64.5%. Once again it is the first time buyer who is struggling. When we look at the $400k to $700k segment of the core market it is interesting to note that over 77% of homes traded at or above the asking price. The condominium market continues its road to health again this week. After a brief spike last week, the number of new listings continues to fall. This week we recorded a 9% drop, in all price categories, of new listings across Toronto’s core. While sales decreased by 25% we were surprised to note that sales at or above the list price actually increased by nearly 4% to a near record yearly high. It is important to note that mid-priced condos (those in the $700k to $1.5m range) continue to be the condo sweet spot reserved for home buyers abandoning their hopes of buying a home with a backyard.

MARKET UPDATE FOR THE WEEK ENDING MAY 2ND With Easter behind us, and our hopes dashed for a Raptor playoff run, it’s time to concentrate on the task at hand, get that house all gussied up for the Spring market. There are flowers to plant and porches to paint. Curb appeal, after all, is the name of the game. As if but a dream, the real estate market is back in full swing. Freehold home listings saw a 16% increase last week with the biggest gain happening in the East and West ...core, particularly in the first time buyer segment ($400k-$700k). This is great news for people looking to get into the housing market however, competition remains tight. We were somewhat shocked to see a 74% increase in the number of sales last week. 62.5% of homes traded at or above asking price. You probably heard the one about the house that got 72 offers. Let us be the first to state that is not the norm. A good house, well priced, and given enough time on the market should get 2 to 6 offers depending on location, price and condition. Meanwhile, in the condominium market, no news is good news. Available listings increased by a marginal 5% while sales increased nearly 14%. As long as sales outpace new listings we can sleep well at night. Sales happening at or above the list price seem to be hovering in the 20-30% range, which we consider to be very healthy.

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MARKET UPDATE FOR THE WEEK ENDING APRIL 28TH It’s happened for years. Every Easter the Toronto real estate takes a small break from the madness that we know as the Spring Market. Even if you don’t take part in the Easter festivities there are still the benefits of a long weekend to travel, reconnect with family or chill out around the house. Well, after reviewing last week’s numbers we can tell you that not everyone was content to sit on the sidelines of our frothy real estat...e market. After a sharp upswing in new listings the freehold market slowed slightly. It recorded a 6% drop last week while sales decreased by 37%. Normally we would sound the alarm bells over a decline like this but we believe this is solely a function of a shorter work week. Multiple offers are still de rigueur as nearly 60% of freehold homes sold in a bidding war. Open house traffic on the Saturday of the long weekend was still hopping but not nearly as much as the previous week. It is safe to say that this is not a trend, merely a brief respite from the usual hot market. If there was one other interesting note from last week it would have to be the significant increase in high end homes coming to market. Over the last few months we only saw between 35 and 45 new listings of homes over $3m, while last week that number spiked to over 60, bringing the total number of high end listings in the core to 134. Our research indicates that this continues to be the slowest moving sector of the market. Who doesn’t like to cheer for the underdog? In this context we’re speaking about the condominium market. After more than a year of Turner-isms (we are referring to The Greater Fool himself), the condo market refuses to die. Each week we seem to deduce more good news from this well chastised real estate segment. Last week new listings backed off by 8%. Sure, that might not be a significant number when we are talking about 700 units, but sales were the same as the previous week and multiple offer sales reached their highest levels in more than a year by hitting 29%. Wow. Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized 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 report on the true temperature of the real estate market.

Toronto could see a $2-billion economic boost and the creation of 12,000 new jobs over the next five years if it repeals the municipal land transfer tax

Want an old street sign! time to pick one up!

the end of an era....

the Market at a glance!