Last Week a friend remarked that his summer lasted exactly one day. He remembered that Wednesday well. It was hot and sunny. So, yeah, everyone complained about our lousy summer. In fact it was just one of the many hot topics going around the city. Naturally there was the chance of post season baseball, mayoral antics continued, and we were all bogged down in traffic. But by far, the hottest topic making the rounds was our real estate market. It appears that everyone had a story about multiple and pre-emptive offers.
After a brief respite from the heavy spring activity, the freehold market has picked up just where it left off. Consider that at the top of the Spring Market, there were 573 homes available. This week we are trending just slightly higher at 586. It is interesting to note the big trade off in the central core where there are 30% fewer listings in the $400-$700k price range and 50% more listings in the $3m+ range. Comparatively speaking, the number of sales remains unchanged with one in every three houses selling per week and the number of those homes selling in multiple offers stands at 65%.
If you’ve been stuck in traffic along the Gardiner over the past few months then you’ve probably noticed all the cranes in the sky. With no slowdown in sight, it appears that our condominium market is as strong as ever. The numbers back up that consensus. 13.7% fewer condos available for sale since the booming spring market but a remarkable 6.3% more sales. Also interesting to note that multiple offers are on the rise with over 26% of sold condos attracting more than one buyer.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
GTA HOME BUYERS PREFER WALKABLE NEIGHBOURHOODS, STUDY SAYS
Increasingly, buyers say they’d choose a walkable, transit-oriented location over a larger home, if cost weren’t an issue, says a study for the Pembina Institute and RBC.
COULD TARGETED LAND TRANSFER TAXES COOL CANADA’S HOTTEST MARKETS?
Ontario’s real estate association has launched an ad campaign to explain why they believe land transfer taxes hurt the economy. But in a hot housing market, could the tax be used to cool particular regions, such as Toronto and Vancouver?
BANK OF CANADA’S ‘NEW NEUTRAL’ INTEREST RATE COULD BE LOWER AND LATER THAN EXPECTED
When the dust finally settles after years of low interest rates, the nagging question remains: Where will they need to be to keep economic output humming at full capacity without fanning inflation?
CANADIAN HOME OWNERSHIP MORE COSTLY THAN THOUGHT, BMO REPORT SAYS
New home hunters be warned: The price you expect to pay for a new home is likely $83,556 short of what you’ll actually end up spending, according to a new survey.
HARPER DISMISSES REPORTS OF A CANADIAN HOUSING BUBBLE
Prime Minister Stephen Harper says Canada is not facing a housing crisis, despite analyst fears that the market may be on the verge of a serious decline.