After a brief dip a few weeks ago, the number of new listings in both the freehold and condo sectors jumped last week. While this increase is still much lower than historical averages it forces the question…what gives? The simplest answer is that we are witnessing the last hooray before the listing taps start to close over the winter holidays.
While we recorded a healthy 41.6% increase in available listings in the freehold sector it is interesting to note that there are 27% fewer listings on the market compared to the same week one year ago. Having fewer listings hasn't cooled the buying side. In fact, sales are greater than what were recorded in 2014 and the number of sales at or above the list price is slightly higher than the past year (49% compared to 45%). Of notable interest is the significant increase of listings in the ultra-high end market ($3M+) which climbed from 23 to 44 available listings last week in the central core bringing the total number of listings in this price category to 159.
At this point in the year, it's fair to say that the condominium sector is the favourite child of Toronto's real estate market. Compared to last year there are only 20 more condos available for sale across all price points but it is the sales numbers that truly astound. Last year at this time we recorded just 93 sales compared to the 205 sales that happened across Toronto's core neighbourhoods last week. Of those sales, 20.5% happened at or above the list price. Wow!
Canadian home sales grew in October as demand remained strong in the red-hot real estate markets in Vancouver and the Greater Toronto Area. The Canadian Real Estate Association said Monday the number of homes sold through its Multiple Listing Service was up 1.8 per cent in October from the previous month.
Home prices in Toronto and Vancouver continue to rise at a blistering pace – and both markets remain the two most expensive in Canada. As one would expect, average prices in both cities run well above the national average. But going back 35 years, has that always been the case? And how have those price gaps fluctuated over time?
Ontarians who belong to the millennial generation worry that real estate prices will keep rising forever. Their parents and grandparents, meanwhile, are almost as fearful that they won't. That generational divide was highlighted in the results of a survey commissioned by the Real Estate Council of Ontario.
Two cities go under the microscope Monday to find an answer to a burning question of identity: is Hamilton actually Canada's answer to Brooklyn? It's all part of an Ambitious City event hosted by the Hamilton Chamber of Commerce that explores the cultural identity and economic heartbeat between the two.
We could cool the housing market in a minute by raising the minimum down payment to 10 per cent. That's too extreme a measure right now because prices in many cities outside Vancouver, Toronto and Hamilton are either rising at a moderate pace or falling. So let's do this instead: Urge all first-time buyers to unofficially regard 10 per cent as the minimum. In fact, let's suggest a 10/10 rule: Put 10 per cent down and plan to stay put for 10 years.