James Ormston

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Here’s our latest #torontorealestate market goings-on!> MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 26TH, 2021 Buyers are spending more money on home purchases in several major Canadian cities, even as the COVID-19 pandemic causes layoffs and income reductions across the country. The Canada Mortgage and Housing Corp. said Thursday that home sales have shifted toward more expensive housing types in Vancouver, Toronto, Ottawa, and Montreal in recent months. Expensive homes are ...outselling modestly priced houses and condos. High unemployment among lower income workers, coupled with fewer immigrants, has diminished demand for more moderately priced homes. The higher income households are continuing to manage and cope with the pandemic, have kept their jobs and their salaries are increasing, so demand at the higher end of the market probably reflects this. In Toronto, that translates into a growing price gap between detached homes and semi-detached properties and in some cases, dozens of competing offers are driving up house prices at a rate that is beginning to look worrisome. The number of homes that sold in Toronto in the $1 million to $1.25 million rose from 8.8% to 12.1% between March and October. In the meantime, average household savings rates rose from 2% at the end of 2019 to 27.5% in the second quarter of 2020. This report comes a day after Bank of Canada governor Tiff Macklem suggested there were signs of excess exuberance in real estate, with people buying homes based on the belief that prices will continue to rise. But he said the market is not yet at the level of frenzy Toronto saw five years ago before governments stepped in with cooling policy measures. Governments looking for ways to slow down the market should wait and see if more listings come online in the spring to help lessen some of the competition in the market. With easing restrictions and vaccinations coming soon Sellers might be more comfortable listing their homes. Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto 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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Here's Bosley Real Estate Ltd.'s latest #torontorealestate market update for the week ending Friday, Nov 6th, 2020 --> REAL ESTATE MARKET UPDATE The Toronto region had its fourth consecutive month of record sales volumes in October with 10,563 homes sold, up 25% from October 2019 and the Toronto Real Estate Board is forecasting record or near-record sales to continue through the balance of the year. The average sale price for the GTA was up 13.7% to $968,318 and for the ...City of Toronto it was up 10.8% to $1,025,925. Detached homes led the way, with sales up 33.9% and an average sale price of $1,204,844, an increase of 14.8%. New listings for all categories of homes rose to 17,802 across the GTA, up 36% from October 2019. Condo listings more than doubled to 6,193, compared to October 2019. Sales of condominium apartments fell 8.5% in the City of Toronto compared to the same month in 2019, with prices up just .8% to $668,161. Active listings are up 158% in Toronto to 5,719 units. As the pandemic slowed economic development and halted tourism in the city, the short and long-term rental income many investors relied upon dried up. If you are looking to buy a condo it’s a buyer’s market now and you will benefit from more choice available. The strongest gains across all re-sale housing categories occurred in the 905 communities outside Toronto, where buyers can often afford a little more space. Suburban areas that once lagged desirable city addresses are now roaring hot as home buyers wearied by lockdowns seek bigger yards and larger living spaces. Tight downtown condo markets that previously commanded expensive rents are now thick with supply. And the flow of immigrants that typically fuel demand for housing of all types has slowed to a trickle. __ Urbaneer.com is a boutique division of Bosley Real Estate Ltd. Brokerage. As real estate specialists who monitor trends and markets in housing, we offer consumers insight and assistance in making rational and educated decisions about real estate. If you are thinking about buying and selling, call us for a pressure-free consultation that will quickly put the realities of today’s housing market in perspective. Offering savvy insight and expertise for over a decade in Toronto, we are your pro-urban housing specialists. Visit us at Urbaneer.com - we welcome being of service!

Here’s our latest market update for the month of October 2020>