MARKET UPDATE FOR THE WEEK ENDING JUNE 21ST, 2019

Today we welcome summer, the longest day of the year! Back in the good old days of real estate Realtors would work hard up until the end of June and then they would take it easy for the summer months, as did the buyers. Over the past few years the Spring market has lasted well into summer with usually just a short break in the dog days of August. This year is no different. Listings may have slowed somewhat but the activity and the sales are still going strong. We think because of the weather not feeling HOT just yet, buyers are still attending open houses in droves and competing in bidding wars for that “perfect” home.

The freehold market has reversed its month-long trend by recording nearly 13% fewer listings last week. The sales have remained unchanged week-over-week but the number of properties that sold at or above the asking price was up to 62%, substantially higher than the previous weeks. This could be because inventory is lower and there is news in the media that mortgage rates might be are coming down which might be contributing to the bidding wars.

The condo market buyers and sellers expressed a similar sentiment. Listings were down slightly by 10% but sales were surprisingly up by 7% week-over-week. Increasing demand continues to push condo values higher. Of those recorded sales, 53% sold at or above the asking price. For most of this year the average sold-over-ask percentage has been anywhere between 48% to a high of 58% in the condo sector.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices 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:



Hamilton among the best places to buy real estate in Canada, magazine says

”The publication says Hamilton is the seventh-best real estate market in the country, with Corktown listed as the best neighbourhood to buy a house, followed by Stinson, Beasley, Hamilton Centre and Crown Point East.”




Canadian Real Estate Sales Make Largest Increase In 2 Years, Still Below Normal

“Some Canadian real estate buyers are blowing off last year’s decline in sales. Canadian Real Estate Association (CREA) numbers show sales made a large increase in May. The rise, while substantial, failed to bring volume to historically significant levels. Last month’s sales still fall short of the average.”



Nearly Half Of Canadian Renters Are At Risk Of Being House Poor: Survey

“A lot of ink has been spilled chronicling the epic affordability problems facing Canada’s homeowners, but a new survey suggests it’s Canada’s renters that are more likely to be in a precarious financial situation.”




This Parking Spot Renting Out For $50,000 Proves How Unaffordable Real Estate Can Be In Canada

“Finding affordable housing in Canada seems to be an impossible task. Even if you are searching for a single person dwelling, prices are through the roof should you want anything half decent. In fact, real estate in Canada can be so unaffordable in Canada that a Vancouver parking space is listed for $50,000. Yes, we said parking space.”



'Troubling': Home prices nearly double what Canadian millennials can afford, says report

The “dramatic” gap between the cost of owning a home and the ability of Canadian millennials to afford one paints a “troubling portrait” of an expensive country, according to a new report.”