One of the best presents we got last week was the end of construction on the Gardiner Expressway. After more than a year of lane closures and avoidance at all costs, we are falling in love with our elevated highway all over again. No more playing “guess the alternative route across town”. This is great news for Realtors who can travel with ease across the bottom of the city… at least until the Pan Am games.
In a surprising twist, new freehold listings backed off by a little over 8% last week. Most of that came as a result of fewer listings in the central core. While sales have remained strong we did notice that the number of bidding wars dropped to 68% (from 70% the week prior). We are blaming this minor decrease on the crazy amount of rain that fell last week. Also of note was a near sweep in the central core’s entry level category ($400K-$700K) where 11 out of 13 homes sold in multiple offers.
Following the freehold category’s lead, new condo listings fell by 11% from the week earlier. The big story is the number of sales which increased over 8% in the same period to 260 units. Sure that’s great news but the bigger story is the fact that the number of suites sold at or above the asking price has reached one of the highest levels since we have been tracking it. That number is a remarkable 29.6%. It is the east core condo market that is driving prices up with 8 out of 10 condos selling in multiple offers (compared to just 3 out of 15 in the west).
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
HOME BUYING FRENZY DEFIES BANK OF CANADA’S VIEW OF SOFT LANDING
At the central bank in Ottawa, officials are forecasting a soft landing for the housing market. On the ground in Canada, brokers and homebuyers see prices that keep going up.
A Bank of Montreal report suggests first-time home buyers are increasingly turning to the “Bank of Mom and Dad.”
TORONTO`S HOUSE PRICE BOOM SPREADS TO SUBURBIA
Canada’s central bank is warning about a correction in three of the country’s largest housing markets as home values continue to soar in toronto and vancouver even as they fall across Alberta.
HERE’S WHAT’S REALLY SCARY ABOUT HIGH-RATIO MORTGAGES IN CANADA
Canadians buying (overpriced) houses this spring with little money down, now face an additional burden with the recent announcement by CMHC – quickly followed by Genworth — that mortgage insurance will rise in price come June 1 of this year. Remember, this is the (bizarre) coverage that most homebuyers must pay for, which protects and indemnifies the lender in the event they (the homeowner) defaults.
TORONTO NEEDS HIGHER PROPERTY TAXES ON MOST EXPENSIVE HOMES: PROF
A Torontonian who owns a mansion on the Bridle Path pays the same property tax rate as someone who owns, or rents, a tiny bungalow in Scarborough — and for Toronto to be a fair city, one municipal tax expert says, that needs to change.