PATRICK'S ANNUAL EASTER COLORING CONTEST IS ON!!!

 

MARKET UPDATE FOR THE WEEK ENDING MARCH 5TH, 2021

 

What can we say, the GTA housing market is on fire! Home sales rose 52.5% across the board. With February stats out this week, the 905 regions are seeing a surge and the average selling price rose to $1,045,488, the first time it has exceeded the million-dollar mark. Detached houses in the 905 communities surrounding Toronto experienced a particular surge. They sold for nearly 30% more this February compared with the same month last year. The Toronto Real Estate Board is warning that the already hot pandemic market is poised to become more competitive as the year goes on.

With low inventory and high demand, double digit price growth is seen in almost all types of housing. The average price for a detached house in the 905 is $1.3 million up 27.8% from a year ago and in the City of Toronto detached homes sold on average for $1.7 million – up 13.2%. Semi-detached homes outside the city also saw increases of 20% with the average sale price of $1,050,820 and in the City of Toronto the average sale price is $1,324,244 an increase of 10%.

Condo prices also continued to climb in the 905 areas – up 5.4% year-over-year to an average of $563,587. Prices for condos in Toronto are down 6.4% compared with last February to an average price of $676,837. That being said, last month’s 3,116 transactions in the GTA represented a 64.3% year-over-year increase, with both the 905 and the City of Toronto condo sales experiencing a similar gain. If sales continue to outstrip new listings, those prices will rise. Renewed price growth in this market segment is a distinct possibility in the second half of the year.

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.

MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 12TH, 2021

 

This week the Toronto Regional Real Estate Board (TRREB) released its annual Market Year in Review & Outlook Report for 2021, projecting optimism for a booming Greater Toronto Area (GTA) real estate market in 2021. The report forecasts near-record sales numbers of 100,000 units, with average selling prices expected to break records and exceed the $1 million mark.

The blazing start to the year comes from a strong finish in 2020. January recorded 6,928 sales which represents an over 50% increase measured year-over-year against January 2020. Sales growth was recorded in all market segments, including condominiums in both the 416 and surrounding 905 regions. New listings also increased year-over-year, though at a less pronounced rate, which led to a tightening of market conditions versus the previous January.

The average selling price for January 2021 spiked 15.5% year-over-year to $967,885, driven primarily by the low-rise market segments as condominium apartment prices dropped in Toronto during this period. Despite this, TRREB expects that the continued growth of condominium sales could soon lead to sales growth outpacing listing growth, and renewed condo price appreciation.

Is the real estate market picking up steam at an uncomfortable pace? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. Hopefully as we start moving into the spring market lets hope listings become more plentiful, especially after this long weekend and the kids are back at school. Let us take this weekend to be with family and see what next weeks brings us. Happy Family Day!

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.

Move Smartly Report January 2021

 

Real Estate News, Toronto Condos & Homes

January 22, 2021

“Heat and Hangovers” in Toronto Real Estate 2021 Forecast by Toronto Storeys

Mid-way through January, 2021 has passed its prime “Happy New Year, the world is fresh again” territory. As resolution-based behaviour begins to fade, so too does the rose-coloured tint some may have held over their ideas about the year ahead.

It’s high time, then — with a realistic frame-of-mind — to analyze potential housing market trends in Toronto real estate for the next 12 months; President of Realosophy John Pasalis has done just that.

In his Move Smartly Report January 2021, Pasalis delves into the key trends he’s watching in relation to the GTA housing market. And those trends vary steeply, presenting both “heat and hangovers,” depending on which direction he’s looking.

Take the market for single-family houses, for example. This sector of the local real estate scene “is showing alarming bubble-like symptoms,” the report says, which are “reminiscent of what we saw in 2016 and 2017 in the GTA.”

Click here to read the entire Toronto Storeys article....

UPDATE FOR THE WEEK ENDING JANUARY 22ND, 2021

 

Toronto’s vacancy rate on apartments hit 5.7% in the fourth quarter of 2020, the highest level the city has recorded in 50 years, after nearly a decade of being under 2%. As the pandemic pushed tenants outside the core of the city, the vacancy rate in the 905 areas surrounding Toronto remained at a much tighter 2%. These results are just an example to just how drastically the pandemic altered the rental market.

As vacancy rates rose last year, rents declined. A study from Rentals.ca last week showed the average monthly rent for a one-bedroom apartment in Toronto fell 20% year-over-year in December to $1,832 and a 17.5% drop for a two bedroom to $2,416. Condo leasing activity soared 25% last year to a record 38,366 units. The average rent for condos, unlike apartments, dropped 14% to $2,076 across the Toronto region, the lowest since mid 2017. Rentals.ca predicts rents could continue to decline for the next three or four months because of weaker demand and more supply.

The freehold market on the other hand is starting off with a bang! The biggest source of concern are listings. The buyers are out there circling, and the weather has been kind to us, but the multiple offers are starting up again. Stories of a townhouse in Mississauga having 71 offers to a house in Oshawa having 47 offers. With low borrowing costs and high demand, the supply issue again is of concern. Are potential sellers reluctant to list their properties for sale in this uncertain market? The buyers are out there waiting. We remain cautiously optimistic!

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.

UPDATE FOR THE WEEK ENDING JANUARY 15TH, 2021

 

Despite the pandemic, Canadians continue to remain optimistic when it comes to the future and their finances. Many Canadians remain confident in their ability to save and continue to aspire to make their dream of owning a home a reality. This from a poll this week that RBC released titled Home Buying Sentiment Poll. Despite the negative implications COVID-19 has had on nearly every business sector, it appears the pandemic hasn’t had a lasting effect on the real estate industry as Canadians still believe in the strength of the housing market — despite growing concerns of the overall economy.

The poll, which provides updates related to the Canadian housing market, found that while the vast majority of respondents were concerned about the financial impacts of COVID-19 (78%), less than half of respondents polled said they were concerned about the impact the second wave of the pandemic will have on the real estate market (43%). When asked, 80% of respondents said that home ownership is a good investment right now, with 52% believing that home prices will continue to go up. Another 60% said that homes in their respective locales are overvalued, and 56% said that affordability will only worsen in the near future.

High home values continue to drive many Canadians further outside of major city centres, both in search of affordability and more space. When asked, Canadians said they were most interested in purchasing property in the suburbs or a commuter city (38%), followed by rural areas (26%). Only 14% of respondents said they would look to purchase a home in a major metropolitan area.

This survey follows the release of the Bloomberg Nanos Canadian Confidence Index (BNCCI), which revealed Canadians are currently showing the highest level of real estate market optimism in the past nine months, further suggesting confidence in the Canadian housing market continues to grow even as the country grapples with the current resurgence of COVID-19. Many Canadians remain confident in their ability to save and continue to aspire to make their dream of owning a home a reality.

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.

Burning Questions: Have we reached peak condo?

 

Steve Kupferman, Special to Financial Post

Publishing date:

Dec 30, 2020  •  Last Updated 5 hours ago  •  6 minute read

No sector has been hit as hard as condos in this pandemic, and while experts say the market will recover, it will be different

Burning Questions: The pandemic has left a multitude of unknowns in its wake. In a year-end series, the Financial Post explores some of the most intriguing.

Until recently, a condominium apartment in Toronto was a near-foolproof investment. And then came March 2020, and COVID-19.

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