Satisfaction Guaranteed!
When you make the important decision to buy or sell a home, we're committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner. For Service and Commitment, let us help guide you with your next purchase or sale.
MARKET UPDATE FOR THE WEEK ENDING JUNE 19TH, 2020
It’s hard to believe that we are almost half way through 2020 and in the middle of a pandemic, with unemployment at an all time high, millions of people without a job, and the Toronto real estate market couldn’t care less. If you are looking for a Covid-discount you’re not going to find it here. What you will find, just weeks after the worst month of sales, are multiple offers and buyers and sellers with more and more confidence. No one expected the market to take off like this. Buyers were on pause for a couple months, but they seem to be jumping back in with a frenzy. Case in point – we have a listing in our office in Bloordale Village that has 139 booked showings and offers are on Monday. You’re lucky if you can even get in to show it now. No double bookings and only a few time slots left!
Could this be that HSBC just lowered its five-year fixed mortgage rate to 1.99%, becoming the first bank in Canada to crack the 2% barrier? It comes down to supply and demand. With a low supply of available product in the marketplace, the activity taking place is still a sellers’ market. Even though CMHC forecasted housing prices across the country to drop between 9 and 18% over the next 12 months, the 416 does not represent the entire country and the Toronto real estate market doesn’t seem to be adhering to many of the forecasts and predictions. You have to be thinking about where prices are going to be in 10 years, not just in 6 months from now.
Last week the freehold market saw a marginal 6% increase in new listings and of those, 51 listings were listings over 3 million dollars. Sales surged by 41%, and of those sales 57% sold at or above the asking price. The condo market is also seeing an uptick in activity with 22% more new listings last week and sales were up 16%, with 39% selling at or above the list price and the majority of the sales were under $700K.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge 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 reflect the true temperature of the real estate market.
Find Your Dream Home Now
Buying a home is the largest financial transaction most people will ever make. With our expertise we will help guide you through all the obstacles during this difficult decision.
For Buyers
When buying your house, this will no doubt be one of the largest financial transaction most people will ever make. With our expertise we will help guide you through all the obstacles during this difficult decision.
For Sellers
When selling your house, our goal is to sell your property at top market value, quickly and painlessly. See how we can help get you more. When you make the important decision to sell a home, we are committed to going the extra mile.
