It’s time for a little Oscar buzz of our own. In the category of hot real estate markets, the winner is…..Downtown Toronto. Critics praise this little independent story of the city market, facing threats of foreign ownership, traffic gridlock, falling glass, a second land transfer tax, and a wayward mayor. People are lining up just to get a glimpse of its stars and The Globe and Mail gives it “two thumbs up”!
The freehold market showed a remarkable improvement in the number of listings this week over last week… and not a minute too soon. Listings jumped by nearly 22%, with the bulk of that happening in the central core. Of course sales did not disappoint as we saw a 42% increase in sales over the same period. Clearly the increase in listings is still not meeting demands as we continue to witness, first hand, a phenomenal number of multiple offer situations. For the second week in a row, homes selling at or above the list price remain at near historic levels (65%).
The condo market continues to demonstrate its health. Even though listings have increased this week by 20% over last week, sales have also accelerated by over 37% with the central core being responsible for the lion’s share of that growth. Sales at or above the asking price backed off slightly mostly due to buyers having more choice. Continuing its trend, the entry level market remains the most active across all price categories.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
CANADIAN SNOWBIRDS’ DREAM OF U.S. VACATION HOME FADING FAST
The hundreds of thousands of Canadian snowbirds who flock to the United States are being hit by a falling loonie that should see their purchasing of U.S. winter homes start to slow, says a new report.
REAL ESTATE MAKING US RICHER
We’re getting richer – and the biggest money maker is our homes, says a new Statistics Canada report.
HOME AFFORDABILITY TO DETERIORATE WITH RISING MORTGAGE COSTS: RBC
The Royal Bank of Canada (TSX:RY) says the ability of Canadians to keep up with housing costs has been improving of late, but warns that’s about to change..
ONTARIO LAND TRANSFER TAX AN ELECTION ISSUE
The provincial land transfer tax can add an additional one to two per cent on the cost of a home purchase if you live outside of Toronto. If you buy in Toronto, the amount is almost double..