Friday the 13th is generally believed to be a bad luck day. But with a boiling Toronto real estate market, low interest rates and tight new inventory, today is a good news day for sellers who have been holding out, waiting for their ship to come in. It’s kind of like going to the grocery store for batteries the day before the big hurricane only to find the shelves are bare while the kid outside is selling them for twice the price.
We’ve been collecting weekly sales data for a while now and it is often fun to look back a year and compare markets. For instance, last year at this time, there were about 200 new freehold listings in the downtown core. Today it is only marginally better at 210. While we have been tracking upward in the number of listings since the beginning of the year, the extreme cold has generally slowed that trend down. The big difference is the number of sales. Last year there were 75 sales while this week we registered 148 sales with well over 60% selling at or above the list price.
The resale condominium sector is following the same trends. New listings are only slightly higher than the same period last year (516 compared to 489) but sales have climbed by nearly 20% and the number of condos sold at or above asking has hit another record (27%). While there seems to be adequate inventory across the downtown core, our research shows that the most desired suites tend to attract end users in boutique buildings in established neighbourhoods.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Real estate agent Chander Chaddah thought that the Toronto real estate market was fairly subdued in the opening days of February. He worked with two sets of clients who were able to buy houses in High Park and Little India respectively after fending off only a couple of other bidders. Then he heard about 75 Wilson Park Rd.
CANADA’S OIL CAPITALS ARE HEADED FOR THEIR FIRST MAJOR HOUSING CORRECTION SINCE 2008, TD WARNS
Home prices in Canada’s oil capitals will suffer a correction this year as plunging oil prices turn the nation’s housing market upside-down, say TD economists. Prices are on track to fall as much as 10% in Calgary, Edmonton and St. John’s Newfoundland over 2015 and into 2016 as the collapsing oil industry hits growth, incomes and employment.
There are not too many Canadians who get tricked into accepting the posted rate on a mortgage anymore but that doesn’t mean no one should care when the banks drop their published rates.
DRAWING CONCLUSIONS: IS RENTING A HOME ALWAYS A WASTE OF MONEY?
If you’re ready to put down housing roots and buy a home you can afford, owning has financially speaking worked out well for most Canadians. But despite what your parents may tell you, renting doesn’t always mean you’re just “throwing money away.”
WHY CANADA’S SNOWBIRDS ARE UNDER U.S. SCRUTINY
Canadians who normally head south of their border for warmer weather are keeping closer track of their time in the United States because if they stay too long, they could lose their Canadian health benefits and might owe U.S. income tax.