As your local real estate brokerage, we strive to always provide valuable information as it relates to your largest investment. At the beginning of every month, we work to compile statistics relating to both Toronto proper and the larger GTHA region. Simply provide your contact information below, and we'll be sure to send our infographics your way every month until you tell us otherwise. Enjoy!
MARKET UPDATE FOR THE WEEK ENDING JULY 30TH, 2021
Anyone following the latest headlines about Toronto’s housing market, has by now heard that Toronto’s housing market is showing signs of cooling. But these types of headlines can leave many buyers confused about what “cooling” really means. Active buyers who are still seeing 8+ offers on the homes they are bidding on are certainly not feeling any ‘cooling’. Buyers considering entering the market are wondering if a cooling market means prices will fall in the near future, like right after they’ve bought.
The months of inventory (MOI) gives us a good measure of how hot the market is at any given point in time - the lower the inventory the hotter the market. An MOI between 4-6 months is generally considered a “balanced market” with anything below 3, it’s a hot seller’s market..
MOI for houses was below 1 month for all five municipalities in March, a sign of an overheating housing market. Inventory levels have increased slightly since then, but still remain in seller’s market territory. While the GTA’s housing market is still in seller’s market territory, this slight increase in inventory since March has taken some of the heat out of the market. Houses and condos for sale are seeing fewer showings and fewer offers on their offer nights. We are also seeing a decline in the number of homes selling for more than the owner’s asking price in both segments.
This cooling trend we are seeing today is a seasonal trend we typically see as we move into the summer months of July and August. The market usually cools in the summer as many active buyers hit pause on their search to take a summer break. Many of these buyers jump back into their home search in September. What the fall market will look like will largely depend on how many new buyers enter the market and the volume of homes listed for sale. (Move Smartly – data and insights)
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope, Cambridge, and Thornbury 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.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
“Airbnb ABNB-Q +0.58%increase and Vrbo bookings in major Canadian cities are increasing as the economy reopens and travel restrictions ease.”
“The Government of Canada announced on Thursday that it is giving Toronto $132 million to build hundreds of new affordable and supportive homes.”
“Canadians went on a real estate shopping spree during the pandemic, and it’s been great for banks. Canadian Bankers Association (CBA)...Learn More
“According to a recent Royal LePage survey1 of 1,500 homeowners in Canada's three largest urban centres...Learn More
Peerage Realty Partners Acquires a Substantial Partnership Interest in Four Seasons Sotheby's International Realty
“Peerage Realty Partners Inc. ("Peerage Realty") announces the acquisition of a substantial partnership interest in...Learn More