THE DAVISVILLE / LEASIDE INSIDER
Wednesday, May 5, 2021
Friday, April 16, 2021
BOSLEY MARKET UPDATE FOR THE WEEK ENDING APRIL 16TH, 2021
Canada’s bank regulators are pondering whether to change the mortgage stress test rules to make it tougher for consumers to buy a home and take some heat out of the housing market. The Office of the Superintendent of Financial Institutions (OSFI) announced that it is reconsidering the stress test that requires borrowers to qualify for uninsured loans at two percentage points above the market rate or the Bank of Canada’s five-year rate – whichever is higher. The minimum qualifying rate adds a margin of safety that ensures borrowers will have the ability to make mortgage payments in the event of some change in circumstances, such as a loss of income or a rise in interest rates.
Under the current stress-test a household with an annual income of $100,000 and a 20% down payment would qualify for a home valued at $651,000, according to Ratehub.ca. That is based on a five-year fixed rate mortgage of 1.78% amortized over 30 years. The proposed changes would mean the same household would qualify for a home worth about $618,000 – five percent less. You would need to wait to get a bigger down payment or alter your search criteria.
The GTA has seen home prices rising year over year, by percentages into the double digits, but the market gains are being fuelled by real demand rather than speculation, as it was in the over heated markets of 2016 and early 2017.
OSFI says it will decide what it will do by May 24 and if so, changes would take effect by June 1st. It is unknown if the federal government will introduce additional measures when it unveils its budget on Monday. Although Canada’s bank regulator plans to make it harder for borrowers to qualify for a mortgage, economists do not expect this to have a big impact on prices, nor break market psychology that home prices will continue to rise.
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
Monday, March 8, 2021
Friday, March 5, 2021
City is Resurfacing Mt Pleasant Rd from Roehampton to Dawlish starting May 2021 to late Aug 2021
A large portion of Mt Pleasant between Eglinton and Lawrence will be closed in part or entirely this summer!
Work will be including removing & replacing sidewalks & driveways. Affected properties will receive a Construction Notice approximately two weeks before work begins with more info.
Friday, February 12, 2021
MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 12TH, 2021
This week the Toronto Regional Real Estate Board (TRREB) released its annual Market Year in Review & Outlook Report for 2021, projecting optimism for a booming Greater Toronto Area (GTA) real estate market in 2021. The report forecasts near-record sales numbers of 100,000 units, with average selling prices expected to break records and exceed the $1 million mark.
The blazing start to the year comes from a strong finish in 2020. January recorded 6,928 sales which represents an over 50% increase measured year-over-year against January 2020. Sales growth was recorded in all market segments, including condominiums in both the 416 and surrounding 905 regions. New listings also increased year-over-year, though at a less pronounced rate, which led to a tightening of market conditions versus the previous January.
The average selling price for January 2021 spiked 15.5% year-over-year to $967,885, driven primarily by the low-rise market segments as condominium apartment prices dropped in Toronto during this period. Despite this, TRREB expects that the continued growth of condominium sales could soon lead to sales growth outpacing listing growth, and renewed condo price appreciation.
Is the real estate market picking up steam at an uncomfortable pace? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. Hopefully as we start moving into the spring market lets hope listings become more plentiful, especially after this long weekend and the kids are back at school. Let us take this weekend to be with family and see what next weeks brings us. Happy Family Day!
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
Sunday, January 24, 2021
Move Smartly Report January 2021
Real Estate News, Toronto Condos & Homes
January 22, 2021
“Heat and Hangovers” in Toronto Real Estate 2021 Forecast by Toronto Storeys
Mid-way through January, 2021 has passed its prime “Happy New Year, the world is fresh again” territory. As resolution-based behaviour begins to fade, so too does the rose-coloured tint some may have held over their ideas about the year ahead.
Friday, January 22, 2021
UPDATE FOR THE WEEK ENDING JANUARY 22ND, 2021
Toronto’s vacancy rate on apartments hit 5.7% in the fourth quarter of 2020, the highest level the city has recorded in 50 years, after nearly a decade of being under 2%. As the pandemic pushed tenants outside the core of the city, the vacancy rate in the 905 areas surrounding Toronto remained at a much tighter 2%. These results are just an example to just how drastically the pandemic altered the rental market.
As vacancy rates rose last year, rents declined. A study from Rentals.ca last week showed the average monthly rent for a one-bedroom apartment in Toronto fell 20% year-over-year in December to $1,832 and a 17.5% drop for a two bedroom to $2,416. Condo leasing activity soared 25% last year to a record 38,366 units. The average rent for condos, unlike apartments, dropped 14% to $2,076 across the Toronto region, the lowest since mid 2017. Rentals.ca predicts rents could continue to decline for the next three or four months because of weaker demand and more supply.
The freehold market on the other hand is starting off with a bang! The biggest source of concern are listings. The buyers are out there circling, and the weather has been kind to us, but the multiple offers are starting up again. Stories of a townhouse in Mississauga having 71 offers to a house in Oshawa having 47 offers. With low borrowing costs and high demand, the supply issue again is of concern. Are potential sellers reluctant to list their properties for sale in this uncertain market? The buyers are out there waiting. We remain cautiously optimistic!
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
Friday, January 15, 2021
UPDATE FOR THE WEEK ENDING JANUARY 15TH, 2021
Despite the pandemic, Canadians continue to remain optimistic when it comes to the future and their finances. Many Canadians remain confident in their ability to save and continue to aspire to make their dream of owning a home a reality. This from a poll this week that RBC released titled Home Buying Sentiment Poll. Despite the negative implications COVID-19 has had on nearly every business sector, it appears the pandemic hasn’t had a lasting effect on the real estate industry as Canadians still believe in the strength of the housing market — despite growing concerns of the overall economy.
The poll, which provides updates related to the Canadian housing market, found that while the vast majority of respondents were concerned about the financial impacts of COVID-19 (78%), less than half of respondents polled said they were concerned about the impact the second wave of the pandemic will have on the real estate market (43%). When asked, 80% of respondents said that home ownership is a good investment right now, with 52% believing that home prices will continue to go up. Another 60% said that homes in their respective locales are overvalued, and 56% said that affordability will only worsen in the near future.
High home values continue to drive many Canadians further outside of major city centres, both in search of affordability and more space. When asked, Canadians said they were most interested in purchasing property in the suburbs or a commuter city (38%), followed by rural areas (26%). Only 14% of respondents said they would look to purchase a home in a major metropolitan area.
This survey follows the release of the Bloomberg Nanos Canadian Confidence Index (BNCCI), which revealed Canadians are currently showing the highest level of real estate market optimism in the past nine months, further suggesting confidence in the Canadian housing market continues to grow even as the country grapples with the current resurgence of COVID-19. Many Canadians remain confident in their ability to save and continue to aspire to make their dream of owning a home a reality.
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
Wednesday, December 30, 2020
Burning Questions: Have we reached peak condo?
Dec 30, 2020 • Last Updated 5 hours ago • 6 minute read
No sector has been hit as hard as condos in this pandemic, and while experts say the market will recover, it will be different
Burning Questions: The pandemic has left a multitude of unknowns in its wake. In a year-end series, the Financial Post explores some of the most intriguing.
Until recently, a condominium apartment in Toronto was a near-foolproof investment. And then came March 2020, and COVID-19.
Who's responsible for COVID-19 protocols in condo buildings?
Published in Yahoo.News
By: Elianna Lev
Some condo owners in Toronto’s City Place neighbourhood recently received an email about COVID-19 protocol, which is raising questions about the enforcement of lockdown rules.
The note, sent by the building’s board of directors, asks people in the property to report any units having parties to bylaw officers through 311. It also stated it would begin implementing and reinforcing safety measures such as only allowing floor FOB access, no inter-unit gatherings (including no visitors), reduced parking access and parcel pickup within 48 hours.
While the protocol may seem extreme — reporting what goes on in the privacy of one’s home — it brings up questions about where the responsibility falls should COVID-19 spread through a condo building.
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