YOUR DAVISVILLE / LEASIDE INSIDER BLOG
Friday, February 12, 2021
MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 12TH, 2021
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.
It’s high time, then — with a realistic frame-of-mind — to analyze potential housing market trends in Toronto real estate for the next 12 months; President of Realosophy John Pasalis has done just that.
In his Move Smartly Report January 2021, Pasalis delves into the key trends he’s watching in relation to the GTA housing market. And those trends vary steeply, presenting both “heat and hangovers,” depending on which direction he’s looking.
Take the market for single-family houses, for example. This sector of the local real estate scene “is showing alarming bubble-like symptoms,” the report says, which are “reminiscent of what we saw in 2016 and 2017 in the GTA.”
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
Wednesday, December 30, 2020
Burning Questions: Have we reached peak condo?
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.
Sunday, December 20, 2020
BOSLEY MARKET INSIGHT: UPDATE FOR THE WEEK ENDING DECEMBER 18TH, 2020
Friday, December 11, 2020
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.