Toronto is digging itself out of a major snowfall this week and now a polar vortex of extreme cold has moved in. Looks like the spring market will start a little later this year. So far in January the market has been “slow”. In traditional years that was typical for the first month of the year, but we have been spoiled with the last couple of years where house hunters were eagerly pouncing on listings as they appeared in January. FOMO ‘fear of missing out’ has calmed a little. This is not the case for all of Toronto. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where 75% of the properties sold last week in a bidding war…
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MARKET UPDATE FOR THE WEEK ENDING JANUARY 25TH, 2019
We are almost a month into 2019 and it feels like the Toronto real estate market is getting a fresh start. As we enter a more balanced market, the discussion is still about the lack of inventory. We are all watching for signals that buyer sentiment will heat up. In recent months home price growth has faltered, mortgage rates have risen to their highest point in nearly eight years, and favour has started to shift from seller to buyer…
Read moreMARKET UPDATE FOR THE WEEK ENDING JANUARY 18TH, 2019
Ah January. The month of new beginnings as we all wait for the real estate market to take off. Generally speaking January is a slow month for new listings and the weather has been kind to us, but research indicates that listings in the freehold sector have backed off substantially from a year ago while demand has not wavered. The Bank of Canada decision to hold its benchmark interest rate steady, and RBC lowering its mortgage rate 15 basis points yesterday with likely more cuts to come, has given some people hope they'll be able to buy or trade up…
Read moreMARKET UPDATE FOR THE WEEK ENDING JANUARY 11TH, 2019
As we reflect on 2018, it was a year of ups and downs, depending on where you live. Home prices were up slightly in the City of Toronto and down in the surrounding GTA regions. There were 77,426 residential transactions reported through TREB’s MLS system in 2018. This result represented a 16.1% decline compared to 92,263 sales reported in 2017. Total new listings were down 12.7% over the same period compared to the last year. The overall average selling price for 2018 was $787,300 for all home types across the GTA. Those communities north of the city have taken the biggest hit in prices…
Read moreMARKET UPDATE FOR THE WEEK ENDING DECEMBER 14TH, 2018
As with each passing year, 2018 was filled with its fair share of ups and downs. As we move forward into 2019, what will be in store for the real estate market in the GTA? Will there be calm and chaos? The big question now is how much will interest rates rise and will there be a correction in 2019…
Read moreBOSLEY MARKET SNAPSHOT - NOVEMBER 2018
MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 30TH, 2018
As we head into the final month of the year it’s starting to feel a lot like Christmas! Agents are busy sending out their cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. The November stats were released this week from The Toronto Real Estate Board and for the City of Toronto the average price was up 5% to $842,483 compared to November 2017($802,220). We saw a significant decrease in the number of sales, down 14% and a larger drop in new listings, down 20% compared to last November. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth where there is still plenty of appetite for buying a home with bidding wars still going on….
Read moreMARKET UPDATE FOR THE WEEK ENDING NOVEMBER 23RD, 2018
It’s the end of the road for GM – “General Motors 100 years in business.” Who would have thought one of the largest car manufacturers would be closing shop? What is going to happen to real estate in Oshawa? Will there be a countless number of listings coming to market? When bad economic news emerges in the fall months, the repercussions in markets tend to be more pronounced, due to lack of daylight and gloomy weather. But we are putting all that aside and getting our Christmas list ready. New boots, new gloves, and more listings…
Read moreMARKET UPDATE FOR THE WEEK ENDING NOVEMBER 16TH, 2018
Black Friday has surely made its way north of the border and line-ups will be forming outside stores in Toronto. More so this year because of the postal strike and parcels not arriving before Christmas. We have now entered what is known as the “Holiday Season” and the real estate market will reflect the change. There are a few different factors that may affect our market. One of them being the stock market with some steep losses this week and the global economy showing signs of weakening. With that being said, the freehold market saw some modest gains and the condo market continues to defy us all…
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