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.

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.

Burning Questions: Have we reached peak condo?

 

Steve Kupferman, Special to Financial Post

Publishing date:

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.

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Who's responsible for COVID-19 protocols in condo buildings?

 Published in Yahoo.News

By: Elianna Lev

Tue, December 29, 2020, 3:23 PM EST·

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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BOSLEY MARKET INSIGHT: UPDATE FOR THE WEEK ENDING DECEMBER 18TH, 2020

 

The Holiday Season is upon us, and we have almost made it to the end of one of the most challenging years any of us can remember. When we felt we could control so little, we at least needed to control our space. Our homes have become our refuges, as we spend more time there. We’ve adapted our homes to be our offices and our schools, our restaurants and retreats. We’ve started to think more deeply about what home means and how to create it.

After briefly being put on hold during the outbreak this spring, Canada’s housing market has seen record-breaking growth since the summer. Record-low interest rates and strong demand for more spacious accommodation are pushing prices and sales to near record highs. It will be a photo finish, but it’s looking like 2020 will be a record year for home sales in Canada. And, as we look forward to the new year, 2021 looks like it could be shaping up to be another unprecedented year, based on new housing market predictions. The strength of demand, particularly for larger single-family homes, will drive the average price higher as buyers compete for the most desirable properties.

Have we ever been more primed to say “so long” to one year and welcome in a new one? Although things are still far from perfect, we’re feeling a renewed sense of hope for the future with the turning of the calendar page and looking forward to setting the reset button on life. It will be a holiday season unlike any we have known before, but it is still a time to celebrate those we cherish, even if it’s not how we did it last year. If there are any positive takeaways, it’s having time to pause and feel gratitude, as well as having a deeper appreciation for home, our greatest place of comfort. Let’s raise a toast to one another and to our hopes for the new year to come.

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.

BOSLEY MARKET INSIGHT: UPDATE FOR THE WEEK ENDING DECEMBER 11TH, 2020

 

November brought a sense of urgency to the Toronto real estate market, where Covid has people buying and selling homes for completely different reasons than before the pandemic. Data from the Toronto Regional Real Estate Board showed that November home sales in the Greater Toronto Area were up 24.3% compared with last year, as demand for single-family homes continued to surge ahead of condos.

There were 8,766 homes sold in November up from 7,054 in November 2019. The average sale price is $955,615, up 13.3% from $843,307 a year earlier. 11,545 homes were listed for sale in November, up from 8,651 in November of last year, as the market catches up from spring’s slowdown. While detached home prices rose to an average of $1,202,281, up 15.2% from November 2019, average condo prices fell 2% to $605,863. The number of condos that hit the market this November was almost double that of November of last year. There has been a total of 150,913 listings in the Toronto area so far this year, compared with 149,241 at this time last year.

But regardless, our inventory is still low. The search for more living space continues to take buyers to the suburbs and beyond. In the suburban areas, we are still seeing bidding wars. It’s highly competitive and properties are not sitting long. Several Canadian economists recently surveyed believe that record low interest rates have been keeping buyers interested and prices high in Canadian real estate. With low inventory and growing demand, they expect that housing values in Canada’s largest markets could see a 5% increase in 2021. The conclusion is that home and work will become entwined more intimately in the future and that living space needs to be reviewed to accommodate such a future.

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.

Bosley Real Estate Market Snapshot - Toronto - November 2020

TRREB Market Watch Infographic for Nov Sales

Real estate expert Benjamin Tal on the winter market, the vaccine, and the massive recovery to come

 

Published online at TRNTO.com

by Ron Johnson for TRNTO Posted: November 24, 2020

A feature interview with the deputy chief economist at CIBC World Markets

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Canadian Real Estate Housing Market Snapshot for Oct 2020 Across Canada ...