May 10, 2013

This Week in Toronto – Market Insight from the Front Lines May 4th – May 10th

Curious about what’s happening in the Toronto Real Estate Market? Here’s some market insight for the week of May 4th - May 10th, 2013, to keep you up to date on the action! If you have any questions, please feel free to contact me!

The Downtown Toronto Real Estate market experienced another explosive week of sales as the buzz around our offices centred on the increase in multiple offers. This was in contradiction to the previous week. Sales “at above list or at list price” have returned to the high levels consistent with an active Spring Market reaching nearly 60%. Clearly there is a strong indication that the warmer weather has encouraged buyers to come out of hiding.
In the Downtown Core we have experienced a significant increase in the number of new homes coming on the market in all price ranges. While sales of first time buyer homes (those priced in the $400k to $700k range) and the mid-market homes ( priced between $700k and $1.5M) continues to be brisk, the high end market is showing the most exposure with a 500% increase in new listings above $3M and a slight reduction in sales on a week over week basis.
The Condominium market has seen a very active week of listings. Condos in the $400k to $700k posted 300 new listings against 15 sales while the midmarket ($700k to $1.5M) has improved with 82 new listings and 15 sales. Not surprisingly, the high-end condo market is showing the same strains as the freehold market with 9 new listings and no sales this week. It is interesting to note that since the beginning of 2013 34 condos were listed in the city at over $3M while only 3 have sold.

Bosley Real Estate is a full service boutique brokerage operating in Toronto and Niagara on the Lake since 1928. We have 4 centrally located offices and over 220 sales representatives selling and renting homes and condominiums in all the vibrant communities across the city. 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.

 

LINKS TO THE TOP FIVE TRENDING STORIES OF THE WEEK:

Condo Contrarians: These guys are still bullish on a down market

The Incredible Shrinking Mortgage Rate

Renewal Risk: The case for the 10-year mortgage

Toronto Real Estate: First Time home buyers heavily influenced by the commute

New Housing Prices rose .01% in March says StatsCan

 

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