Here’s a little blast from the past. Back in the 80’s part of our beloved Gardiner Expressway has this awesome little dip right after the South Kingsway exit. If you were travelling west and going fast enough you could catch some serious air. We only mention it because, until it was repaired, it was a sure thing…just like the continued drop in new listings over the month of December.
After reviewing last week’s numbers we saw some very interesting trends. Sure new listings are down…way down, but so are sales. Now here’s the interesting thing; while there were 63 fewer new listings last week, there were only 36 fewer sales leading us to interpret that buyers are still out there but they are digging into the standing inventory more than ever before. The hottest sectors across the entire downtown core remain the first time buyers in the $400k to $700k range, where 46% are selling in multiple offers against an overall average of just 26%.
Like the freehold market, the resale condominium sector is following the same trends. New listings are down another 95 units last week (to a new historical low of just 375 for 2014) but sales are only off by 39 units from the previous week. Keeping in line with previous weeks, nearly 22% of sold units are happening at or above the list price. This tells us that the condominium market is generally healthier than it was at the top of the Spring Market. Of course all this news leads us to believe that the Spring Market is going to be very active.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
CANADA’S RENO BOOM CONTINUES, BUT ALBERTA TAKES A PAUSE
Canada’s love affair with home renovations has been well documented by this magazine and others. And there’s little evidence the HGTV-influenced rush to redo kitchens and bathrooms will slow any time soon. Canadians spent $13.9 billion on renovations and improvements in the third quarter, up 8.9 per cent from the same period a year earlier, according to a recent release from Statistics Canada..
CMHC TO HIKE ISSUER FEES AND MORTGAGE RATES COULD FOLLOW
Canada Mortgage and Housing Corp. is tripling the fee it charges some financial institutions to guarantee loans in the mortgage-backed securities market, a move that could end up costing consumers more, the Financial Post has learned.
CANADIANS’ DEBT AT ‘UNSUSTAINABLE’ LEVEL TO KEEP PACE WITH HOME PRICES: FITCH
One of the world’s major credit rating agencies is ringing new alarm bells – rather loudly – about consumer debt levels and house prices in Canada. And what that could mean for the country’s banks.
CANADIAN HOMES HAVE NEVER BEEN WORTH MORE THAN THEY ARE NOW!
According to the Canadian Real Estate Association the average price of homes and the actual number of homes sold both rose by 7.1% compared to the same time last year. “This marks the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009,” CREA said in their latest release.