MARKET UPDATE FOR THE WEEK ENDING APRIL 23 RD, 2021

MARKET UPDATE FOR THE WEEK ENDING APRIL 23 RD, 2021

Toronto’s condo sales recovery began in December and is continuing to build momentum with significant volume and strong double-digit sales growth. While the condo market was slower to recover compared to the freehold sector, there has been a marked increase in condos since the beginning of 2021, and this interest will likely continue to increase as the economy improves.

The first quarter of 2021 condo sales reported by TRREB totalled 9,398 – up 79.8% compared to 5,226 in Q1 2020. The number of new listings in the same period amounted to 11,373 – a 42.8% increase over Q1 2020. Rather than reporting on sales figures for individual Toronto neighbourhoods, TRREB tracks larger, amalgamated districts that are identified by their location in the east, west or centre of the city.

• The condo dense C08 district, home to the Distillery District, the eastern Waterfront Communities, Regent Park and the downtown core east of Yonge Street, condo sales were up 94% annually.
• C01 — encompassing Cityplace, Liberty Village, and a portion of the Financial District west of Yonge Street saw a 105% annual increase.
• C07 and C14, which both include large sections of North York, recorded 107% and 103% annual sales increases, respectively.
• Condo sales in the area covered by the C10 district, which includes the eastern section of Yonge and Eglinton, Davisville Village and Sherwood Park, rose by 115% annually.
• But coming out ahead of all the central districts was E09 in the city’s east end. Consisting of the Scarborough neighbourhoods of Bendale, Woburn and Morningside, E09 recorded a whopping 142% annual increase in condo sales.

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.

HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:

Thought the Feds Were Going to Help Slow Canada’s Red-Hot Housing Market? Think Again
“On Monday, the Liberal government released its widely anticipated federal budget, following the grave economic disruption caused by the COVID pandemic.”

Baby Boomers are bailing out Toronto's condo market for their kids
“After dropping into the red last year, Toronto’s condo market has now come bouncing back thanks in large part to none other than baby boomers.”

First-time homebuyers in Canada flocking to the suburbs: survey
“The findings of a new survey suggest a rising number of first-time homebuyers in Canada are looking to take up residence in suburban areas and smaller communities, reversing the inward trends into major cities prior to the COVID-19 pandemic.”

Federal budget 2021: Ottawa plans vacant home tax to dissuade foreign speculators, along with billions for affordable housing
“Ottawa unveiled a 1-per-cent vacant home tax for foreign owners and an additional $2.5-billion to build affordable housing, measures that will increase housing supply but do little to moderate the country’s overheated real estate market.”

Bank of Canada Now Forecasting Rates Could Rise Earlier Than Expected
“As the outlook for both the global and Canadian economies continues to improve, the Bank of Canada announced that it will hold its target for the overnight rate at the effective lower bound of 0.25%, while keeping the bank rate at 0.5% and the deposit rate at 0.25%.”


Bosley Real Estate Ltd., Brokerage, 
Toronto Real Estate firm independently owned & operated