It’s May. It’s really May. We just can’t believe it is finally here. All those nights spent around the dinner table talking about the horrible, unbearably cold winter we had. Do you remember scraping all the ice from the windshield? How about climbing over snow drifts? And then presto! It’s over….at least until we all start complaining about the heat, the brownouts, and the funky tasting water.
Our adaptation of the old saying about spring showers bringing May flowers is… “Warm days bring listings for May”. Ok, we may not be poets but we are happy to report that new freehold listings are up again. The increase is widespread across the entire core of the city but most prevalent in the move-up markets in the central districts. Overall, the number of new listings is up just over 35%. Sales have remained identical to the week earlier both in terms of units sold (234) and number of sales at or above the asking price (68%).
The condo market is…well, pretty much the same as it was last week. We don’t get to say that very often. While listings are up about 9% from a week earlier, they are still off the peak of 786 units just a few weeks ago. Sales are stronger by 7% over the same period and suites selling at or above the asking price is down marginally (from 29.6 last week to 28.1). No wild fluctuations translates into continued strength in Toronto’s re-sale condo market. This week we note that the most active category was the $700k to $1.5M price point in the central core where 41% of condos traded at or above the list price.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
TORONTO REAL ESTATE AT ‘MODERATE RISK’ OF PRICE CORRECTION: REPORT
Canadian house prices are now some 3 to 4 per cent overvalued, but the biggest risk of a downturn isn’t in the country’s two priciest cities — Toronto and Vancouver — but in Regina and Winnipeg, according to the Canada Mortgage and Housing Corporation.
The GTA is plagued by “dead zones” along many of its major streets that could become affordable new family-friendly neighbourhoods and vibrant shopping areas if rezoned for desperately needed mid-rise condo projects.
CANADA NOT FACING A HOUSING BUBBLE: POLOZ
The governor of the Bank of Canada says he didn’t mean to surprise markets in recent months with his stunning interest-rate cut, worrying real estate projection and the grim adjective he chose to describe the country’s economic performance.
MORE CANADIAN FAMILIES ARE HIGHLY INDEBTED, STATSCAN FINDS
A growing segment of Canadian families is highly indebted, leaving them more vulnerable to any economic shift such as a job loss, illness or rising borrowing costs.
HOW CRACKING DOWN ON TEMPORARY FOREIGN WORKERS COULD HURT HOME VALUES
The complaints against Ottawa’s tightening up on permits for temporary foreign workers has so far come mostly from Western Canadian restaurateurs, business associations and politicians. But opposition could catch on a lot more widely if homeowners were aware that the federal government’s crackdown could drive down residential property values.