LEASIDE & DAVISVILLE BLOG

LEASIDE & DAVISVILLE BLOG

Tuesday, August 30, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING AUGUST 26TH, 2016

Webster ’ s  Dictionary has two definitions for the word “drought”. The first    is a long period of time during which there is very little or no rain and the second is  a  prolonged or  chronic  shortage  or  lack  of  something expected or desired. Toronto, it seems suffers both. Not only has it been the driest summer in recent memory, we  are  also suffering through the  longest list - ing drought on record. Maybe there is some good news on the horizon; It is bound to rain eventually and the fall market is closing in. The question is...  will it be enough to quench our housing   desires? 

The freehold sector reversed an earlier trend of increased listings by re - cording a slight 13.7% drop in available homes while also recording a 6% increase in sales. This was slightly lower that the sales target we predicted last week however competition for those homes was up.  Last  week  almost 67% of home transactions were at or above the list price. That number is 15% higher than for the same period last year despite having virtually the same number of sales. 

We love witnessing the condo market’ s continued success. Listings remain unchanged from the prior week yet sales backed off marginally (3.6%). De - spite the slight reduction in the number of sales, over 40% of suites traded    at or above the list price. If you really want to get a true picture of today’ s condo market in the 416 consider that one year ago there were 220 more list - ings than there were last week, 100 fewer sales and less than 17% of suites sold at or above the list   price. 

Bosley Real Estate Ltd. is a full service boutique brokerage operating in To - ronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives sell - ing 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. 

Friday, August 5, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING JULY 29TH, 2016

Don't panic. For further clarification we are not talking about Toronto's hot real estate market, we are talking about summer holidays. Despite all the back to school ads that are starting to appear, there is still plenty of summer left. As for real estate, well, sales remain strong despite a continued decrease in listings and as we enter the home stretch of hot weather, we expect listings will get tighter until Labour Day.
Supply of listings in the freehold sector continue to be the overall challenge in Toronto, only made worse by the summer holidays. Our statistics show that buyers are not losing their heads as the number of sales have remained unchanged over the last week despite a decrease in the number of multiple offers (which now sits at a modest 62%). Perhaps not surprising is the fact that homes in the %700k -$1.5M range now represent the majority of home listings and sales across the entire 416.
Traditionally the condo sector is less susceptible to the same swings in buyer and seller traffic that the freehold sector faces so we were a little surprised how far resale listings backed off last week despite sales remaining at the same level. 37% of all sales across the 416 sold at or above the list price. What stuck out for us last week was the fact that the majority of condos sold in the east and west core are in the $700k to $1.5m range. Clearly these parts of the city are no longer a haven for less expensive condo choices.
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.

Tuesday, July 26, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING JULY 22ND, 2016

For the first time in a very long while, it seems like real estate talk around the city has died down. Maybe that’s a good thing for buyers longing for a little distraction from the frenzy. And if distraction is what you are looking for, well there’s the US election, Blue Jays baseball and hunting for the elusive Pokemon that are popping up everywhere. Just to be clear though, Toronto real estate is as hot as the weather with no end in sight.
Listings in the freehold sector backed off by a substantial 15% over the last week while sales fell by just slightly less (13%). With buyers still longing for a place to call home it’s no wonder that with fewer homes, competition increased as 70.3% of transactions in the 416 were in multiple offers. It is interesting to note that in the same week one year ago, only 54% of transactions in the freehold sector had multiple offers. As far as we are concerned tight supply, pent-up demand and historically low interest rates will be the key drivers of our market over the foreseeable future.
And if you thought the freehold sector was frustrating for buyers, welcome to the new world of condo buying in Toronto. It’s true that new listings are down by 10.4% to 536 units across the 416, but sales only backed off a marginal 4.6%. Demand has remained high all year forcing multiple offers to reach 51.5% last week. That shatters the previous record by nearly 7%. If you want to truly understand the pressures that buyers are under in this segment, consider that one year ago only 18% of all condos traded 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.

How much a home will cost you at each TTC subway stop:

Published in Metronews.ca


By: May Warren Metro Published on Sat Jul 23 2016

If you want to raise your family in a home or condo along a Toronto subway line, be prepared to fork over at least a million dollars.
That’s the takeaway from a data project by Sky View Suites. For a higher resolution version of the map click here.
The company, which manages short term rentals and furnished apartments, used a variety of real estate websites and print ads for to map average home selling prices within 1 kilometer of every subway stop.
Steven Argyris, a partner at Skyview, called the finished product “pretty alarming” and talked to Metro about some of most interesting points.
For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Monday, July 25, 2016

Davisville Village gets a modern update with J. Davis House condos

Published in theStar.com

By APARITA BHANDARISpecial to the Star
Sat., July 23, 2016


When it came down to it, new condominium J. Davis House in midtown Toronto checked off all the boxes for Justina Klein in her search for a new home for her mom, Ria.

Klein’s list of must-haves included being close to the TTC, her social network, and nearby to outside amenities such as grocery stores and restaurants.

“My mother doesn’t have a car, so the subway needed to be walking distance. She also wanted more of a boutique condo versus something that’s 30 storeys. Those condos tend to target the young and upcoming, and I wanted her to be in a building that’s more of a 40-plus demographic,” says Klein.

Ria, who currently rents an apartment in the Yonge and St. Clair neighbourhood, was looking for the right place and neighbourhood to live in and enjoy as she retires, she adds. “Because this is a midrise, it’s boutique and high-end, and also a safe environment — we really liked this one. The fruit market, groceries, subway, everything is within a four block radius.”

The new 186-suite development by Mattamy Homes and Biddington Homes, J. Davis House has proved popular with all ages, says Linda Robinson, vice-president of sales and marketing, highrise, with Mattamy Homes.


“It’s an intimate, nine-storey (building), something that respects the neighbourhoods,” she says, noting the building has a “a real residential feel.” She points out amenities such as the 24/7 concierge and a fifth-floor lounge area with fireplace and a water feature. As well, there will be a fitness area, yoga studio, games/billiards room and guest suites.

“We’ve had an unbelievable amount of interest from people of all backgrounds. Young couples, couples with babies, empty-nesters. Many of the people already live in the area. They want to move out of their big houses, and get the convenience of condo living.”


For information on buying a condo in this new build project or for selling your condo and discussing the current real estate market, contact me by email or call 416-322-8000.

Monday, July 18, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING JULY 15TH, 2016

It’s mid July and the first smell of a calmer real estate market is in the air. The kids are happily ensconced in camp, the roads are less congested, the Blue Jays are closing in on first place and you've got your new favourite book packed and ready to take to the cottage. This is what life in the big city is supposed to look like! Sure it's hot, but we are Torontonians. We can brush off the heat alerts faster than The Four Tenors can brush off a member of their troop.
The freehold sector has finally loosened up some of its grip on listings as last week there was a 27% increase of homes to choose from. Sales remained strong with 156 sales in the 416 and only 64.7% sold at or above asking. The hot spot for the week was the east core where there were 10 more sales than listings which boosted multiple offers to well over 75%. Sup-ply and demand dynamics remain firmly in place in Toronto. As a comparison, last year, for the same period, there were 34% more listings and 9% fewer sales (with a dreamy level of only 54% of homes selling at or above the list price).
The condo market continues to show its fortitude. Last week it recorded 592 new listings across the 416 compared to a staggering 750 at the same time last year. While listings are down, sales are up over 33% to 295 but what is really astonishing is the number of condos selling at or over the list price. Last year that number was 18.5% compared to 33.6% last week. Sales above the list price has not dipped below 30% since mid February of 2016.

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.

Tuesday, July 12, 2016

Published: July 11, 2016 — 8:17 AM EDTUpdated on July 11, 2016 — 9:55 AM EDT

By: Theophilos Argitis



A surge in prices for existing homes in Vancouver and Toronto is fueling new construction in Canada’s two most expensive cities.
Housing starts jumped to an annualized pace of 218,333 units in June, the Canada Mortgage & Housing Corp. said Monday, the highest since September and a 17 percent increase from a month earlier.
The data suggest builders are responding to a pick-up in prices in Vancouver and Toronto, while scaling back in markets that are less robust like Montreal, which saw a drop in starts. Toronto and Vancouver accounted for 37 percent of new construction in June.
“Residential construction activity remains a highly regional story in Canada, as it should given how widely economic conditions differ below the surface right now,” Robert Kavcic, senior economist at BMO Capital Markets, said in a note to investors.
Economists had forecast a reading of 189,500 units according to the median of 16 responses to a Bloomberg survey.
There has been increased scrutiny of housing markets in Toronto and Vancouver amid worries price gains there may not be sustainable, with most of the focus by policy makers on whether demand is overinflated. Realtors, however, have been blaming supply constraints for the price gains.
For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.