We hate to add fuel to the flame of an already sizzling real estate market in Toronto, but if you aren`t keeping score on what`s been happening you are missing out on some very valuable information. For the last few years we`ve been keeping better track of the Toronto market than Sportsnet keeps track of Josh Donaldson`s batting average. But averages don`t tell the whole story…that`s where we come in. Giving you the lowdown based on the experiences of over 260 agents working in the 416!
Last week we reported that the number of new listings took a rather substantial dive. Well, this week listings are back up across the city by over 45% to 260 and are more in line with the previous few weeks. This is still well off the pace of last year`s 330 new listings. Not only is there a difference in the number of new listings but the makeup of those listings has changed dramatically too. Consider that we are recording a third fewer new listings in the entry level price range ($400k-$700k) while the number of $3m+ price range homes has increased by more than 25%. Sales have remained strong, lending further proof to the ongoing inventory issues. 75% of all homes sold in the 416 sold at or above the list price. Last year at this time we recorded a nearly identical number of sales yet with more choice there were fewer multiple offers, which aided in keeping the number of sold at or above the asking price to a more reasonable 68%.
Just 16% more suites came on line last week compared to a week earlier bringing availability levels to 637 units. While slightly off last year`s number of 707, the important statistic we are following is the number of sales. Last year we saw 260 sales with nearly 30% being sold at or above the list price. This year we have reached two new records; 318 units sold of which 35.8% sold at or above the list price.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Jordan, 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 report on the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
TORONTO’S HOUSING CRISIS IS ABOUT CHRONIC UNDERSUPPLY
I have been analyzing housing markets since 1982, but I’ve only been active in the market a few times. During those 34 years, I have lived in seven different homes and apartments. Now that I’m looking to buy a home in Toronto, what I see in the numbers is becoming personal.
CANADA’S HOTTEST HOUSING MARKETS DRIVEN BY ‘FOMO’ (READ: PANIC BUYING)Many would-be homebuyers in Canada’s hottest urban markets are rushing in to buy homes without knowing whether their finances can handle it, a new survey suggests.
HOW TO OWN A HOME BEFORE YOU’RE 30, ACCORDING TO REAL ESTATE EXPERTS
Wanna make that studio apartment into a full-on house? Many ambitious renters in their 20s are aiming to become real-deal homeowners by the time they hit 30 years old. And you don’t have to be an overachiever in order to join them.