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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.
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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.
MARKET UPDATE FOR THE WEEK ENDING JANUARY 31ST, 2020
Wanted! - The desperately low inventory of properties for sale is responsible for the intense competition going on. Buyers fear that prices will escalate even more if they wait. Example 1: A property in Brampton gets an astounding 77 bidders for a rundown detached house and sells for $166,000 over ask. Example 2: A semi-detached in the Junction neighbourhood was listed for $949,000 and 33 offers came in and sold for $470,000 above the asking price. But the most astounding of all, was this week on a property in prime High Park, which was listed for $1,299,000 and it received 38 offers and sold for $2,300,000 ! ! ! !
Toronto's job market added 210,000 new jobs in 2019, the largest annual increase on record and wage gains were the strongest since 2008. All this combined with low mortgage rates and early reports of eye-popping sales can spur on buyers, but the buzz can also discourage some buyers who don't want to get carried away in competition. Bottom line ... we need more listings!
In the freehold sector listings continue to be a source of concern as we have indicated above. One year ago, we had 28% more listings than we do today. The good news is that sales were up week-over-week almost 60%. But given the fewer listings the number of homes that sold at or above the asking price remains high at 58%.
The condo market is well on its way to market health again. We saw listings increase 7% week-over-week and compared to the same period last year listings have climbed by 16%. The number of sold condos increased by 27% last week and the increasing demand continues to push the number of units selling at or above the list price to 57%, which points to continued strength in the high-rise market.
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.
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.
