Are you feeling confused and a bit out of sorts? It is most likely due to the “Holiday Vortex”…. Too many long weekends packed together. Fresh off March Break we rolled straight into the Easter long weekend. Common symptoms include weight gain and anxiety due to increased chocolate levels. Nevertheless there is one group that worked through the stress….Buyers, who despite fewer listings, racked up some impressive sales figures last week.
New listings in the freehold sector have had some ups and downs this year. Last week available listings fell 24% over a week earlier however sales exploded by almost 100% in the same period. If that doesn’t make you stand up and take notice, maybe this will….Over 75% of homes sold in the central Toronto corridor happened at or above the list price. This is the highest level of 2015 so far. No surprise that the $700K-$1.5M price range is the most active in the central neighbourhoods while the $400K-$700K are the most active in the east and west.
Meanwhile, the condominium sector recorded a 13% drop in new listings last week. While that follows the same trend as its freehold counterpart, we were surprised that despite sales dropping by nearly 24% (from 218 to 176 units), over 27% of sales happened at or above the list price. Our research indicates that the most coveted condominiums are ones located in established neighbourhoods and tend to be marketed towards end users.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
HOMEOWNERS CAN’T SHUT THE DOOR ON SUDDEN, SHARP FINANCIAL SHOCKS
If a couple of our big bank CEOs are right, the housing market is either fine or going to correct in orderly fashion. What a relief. Other financial corrections we’ve had in the past few years were car wrecks, but housing will brake before hitting anything.
CANADA’S ECONOMY SHRINKS LESS THAN EXPECTED IN JANUARY
Canada’s economy shrank by 0.1 per cent in January, a figure that was not quite as “atrocious” as economists feared.
CONDO MARKET FEELS HEAT AS HOUSE PRICES SOAR
When Toronto realtor Sohail Mansoor listed a 30-year-old, two-bedroom condo on Maitland Place for $419,900 earlier this month, even the building’s security guard warned that the price was too high.
CONDO LIVING WILL BE THE NEW NORMAL IN ONTARIO: BMO
The already expansive price gap between condos and detached housing in the Greater Toronto Area (GTA) will continue to expand towards the end of the decade as new detached development is squeezed against the walls of the protected Greenbelt and overwhelmed by mature millennials looking for backyards.
TORONTO HOME BUYERS CAN EXPECT MORE LISTINGS AS SPRING THAW HITS
This week, well-heeled Toronto house hunters were converging on a four-bedroom house in Moore Park with an asking price of $2.175-million.