MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 11TH, 2016
Did you survive Trumpaggedon? Withstand Trumpocolypse? Whatever the side of the fence you stand on, at least on this side of the border, life as we know it hasn’t changed much over the last few weeks. And while we don’t yet know what a Trump presidency is going to look like yet, or how it will affect us here in the north, our hope is that reason and calm markets will prevail. So far so good.
The freehold sector did not see much change in the number of new listings last week; however sales dipped by about 38% from 173 the previous week to 125. This drop is consistent with declines in sales over previous years and is more a statement of the approaching winter market than uneasiness in the US federal election outcome and continued adapting of the new Canadian mortgage rules which are likely only playing a small role. Still, sentiment for home ownership remains strong as nearly 65% of home transactions in the 416 sold at or above the asking price.
If you thought living in a condo was just a passing fancy...you were wrong. The condominium market is having a hard time keeping up to demand. Compared to last year at this time new condo listings are down 20% while sales are up 30%. If you think those numbers are exciting, consider that nearly 45% of transactions are happening at or above the list price compared to a mere 20% last year.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928.