Being that we are Toronto’s oldest and largest independent real estate brokerage, it’s safe to say that we have seen it all. We know the weather has an impact on people’s motivation to get out and look at houses, but this week we are going to blame the decrease in listings solely on the shoulders of Justin Beiber. Yes, that’s right. We know HE is real cause for our real estate turmoil. Toronto is wrapped up in a giant game of “Where’s Beiber” instead of getting their homes ready for market. Well at least we aren’t thinking about the cold anymore and provided “the Biebs” doesn’t get deported from the US, everything should return to normal in a week or two. We can’t wait.
Just when we thought more homes would come on the market, we experienced a sudden reversal of fortune. Following several consecutive weeks of rising inventory we witnessed a 4% slip this week. Okay, that’s not much in the grand scheme of things but buyers are lining up. Need another example? This week we had the second wild bidding war with a major fixer upper in Roncesvalles receiving 34 offers. While sales improved by 9% this week we can report that multiple offers occurred on an incredible 54% of the homes sold.
The condo market is perplexing at best. Listings decreased by 10% week over week, while sales only slipped by 5%. From our perspective the condo market continues to show strength as nearly 20% of the weekly sales occurred at or above the list price and nearly 90% of the properties sold are within 1% of the asking price. Clearly there is appetite for condominium living in the city. It is interesting to point out that the biggest decrease in available suites happened in the central neighbourhoods in the entry level category.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
NO WINTER SLUMP ON THE SELLERS’ MARKET: ‘IT’S A 12-MONTH BUSINESS’
Winter tends to be a relatively slow time for selling real estate. But while many people wait for the spring thaw to list their property, slow season might just be the best time to attract a buyer. At least that’s the philosophy of Royal LePage veteran Elli Davis, who clinched eight deals in December and has been busy so far this month.
THIS YEAR’S CONDO COMPLETIONS BEGAN A DECADE AGO
The creation of new homes is a highly complex process that involves significant risk, requires large sums of money and takes many years to complete.
WHAT IT WOULD TAKE FOR CANADA’S HOUSING MARKET TO CRASH, AND WHY PIMCO SAYS IT WON’T
The world’s biggest bond fund manager expects a “cyclical decline” in Canada’s housing market, but says there’s little chance of a meltdown.
LUXURY HOUSE SALES HIT NEW RECORDS ACROSS CANADA
Sales of luxury homes hit record levels in more than two-thirds of Canadian cities last year — including Toronto — thanks to surging stock markets, renewed consumer confidence and shortage of enough showcase homes to meet demand, according to a new report by ReMax realty.
BUYING A HOUSE? HERE’S HOW TO GET A BIG TAX REFUND
The $25,000 Ottawa allows you take out of your retirement fund to buy your first home sure doesn’t go as far as it used to.