This week we have good news and bad news. The bad news is that the Toronto Maple Leafs are out of the playoffs. The good news is that without that distraction we can concentrate on Toronto’s next favourite past time…Real Estate. With the Spring market upon us you have to think fast to keep up.
The number of freehold listings rose by 15% last week. If you are keeping track, that’s nearly a 30% increase in the last two weeks. While more choice for homebuyers is a welcome change to a very tight market, buyers are snapping up properties as fast as they are being listed. Last week 68% of homes traded at or above the list price which is 2% higher than the previous week and only 2% lower than the all time record set two weeks ago. In the East core we witnessed a near sweep in the $400K to $700K category as 32 out of 35 homes sold over asking. Even the high-end home market (those listed above $3M) showed a little life last week as 8 homes traded in the Central core.
The condo market continues to amaze us as well. Last week we saw a slight backing off of new listings combined with an 11% increase in sales. Once again it is the $700K-$1.5M category in the Central core that is witnessing the biggest growth. Suites selling at or above the list price have been holding steady at 25% for the last four weeks. The luxury segment ($3M plus) continues to be the weak link in terms of sales.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
PRE-RETIREMENT CANADIANS NO LONGER RUSHING TO REPAY MORTGAGE DEBT
Looking forward to those sunset years when you can put your feet up and burn your mortgage? Peter Veselinovich notices that a lot of people are quietly putting away their matches
REGULATOR SET TO RELEASE NEW MORTGAGE RULES
Canada’s financial regulator is close to releasing a new set of standards for Canada’s mortgage insurers, one that the real-estate industry has worried may chill the market.
CANADIAN HOUSING MARKET FACES CRUCIAL SPRING TEST
New home construction plummeted in March, prompting at least one real estate doomsayer to predict an even larger decline is in the cards for the Canadian housing market.
CONDO DEVELOPERS START 2014 WITH RECORD NUMBER OF LAUNCHES.
Developers are so optimistic that confidence has returned to the condo market, they’ve launched sales of a record number of new units — more than 2,700 — in January and February alone.
FOUR CANADIAN CITIES TO PRESENT OPPORTUNITIES FOR FOREIGN PROPERTY BUYERS
Four Canadian cities are increasingly punching above their weight on the global stage, and are poised to attract more capital from foreign real estate investors, Jones Lang LaSalle says in a new report.