If you’ve been following real estate trends for the last few years then you’ve probably witnessed the direct correlation between the weather and listing and sales activity in the city. The simple fact is that everyone hates to trade in real estate when it’s too cold or too hot. Case in point, we are climbing out of the deep freeze and as such, there is more activity in the market.
Be still our beating hearts. The freehold sector has turned up the heat. Last week alone we watched listings climb by 12% across the central core but the big news is the 76% increase in number of sales. Of those sales 64% were above asking. It is interesting to note that at this time last year we had 15% more listings (325 compared to 283) and 11% more sales (164 compared to 148). That tightening of supply has created more multiple offers than one year ago (61% last year vs 64% this year). As we move into Spring Break, we expect things to move a bit slower over the next two weeks.
The resale condominium market seems to be having a solid start this year. Our agents are reporting more multiple offers in what is considered more boutique style buildings, those low and mid-rise condos and lofts located in established neighbourhoods. While listings have increased nearly 20% over the last two weeks, sales have been exceptionally strong, increasing by 22% over the same period and the number of multiple offers climbing to 23.5% compared to 13.5%.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
ECONOMY ENDS 2014 ON A SOLID NOTE, BUT STRENGTH ‘ISN’T EXPECTED TO LAST’
Canada’s economy closed out 2014 on a solid note, but the next two years are expected to show just tame growth amid the oil slump. The economy expanded at an annual pace of 2.4 per cent in the final three months of last year, slower than 3.2 per cent of the third quarter, Statistics Canada said Tuesday.
REAL ESTATE WATCH: DETACHED HOME PRICE SURGES ABOVE $1M IN TORONTO
ANALYSIS: The $1 million hurdle – at least that’s how I look at it as a resident of the Toronto ‘burbs (the 905) who harbours a not-so-secret desire to live in the city again.For the first time, the average selling price of a Toronto (416 area code) detached home has pushed above $1 million.
First-time buyers are screwed. Many young families who’ve bit the bullet on oversized mortgages are dangerously vulnerable in the event of a downturn, while the whole creaking apparatus of Canada’s gilded housing market could be overpriced by nearly a third. At least that’s what the Bank of Canada now says.
TORONTO RANKS AMONG CITIES THAT WILL ‘DOMINATE’ FOR WORLD’S MEGARICH
Toronto ranks among cities of key importance to the world’s megarich, a new report suggests. Indeed, Toronto will be among those that “dominate,” says the study released today by Knight Frank, a global real estate consultancy whose annual Wealth Report is widely followed.
CANADIAN HOUSEHOLD DEBT GROWS ALMOST 5 PER CENT IN JANUARY, RBC SAYS
Canadians are once again proving they have an insatiable appetite for debt. Despite warnings by the Bank of Canada that the country’s economy is in for a bumpy ride this year, household debt grew by 4.6 per cent in January, a new report says. It was among the fastest pace of household credit expansion in the past two years.