02 Mar Market Update: Momentum and new listings continued to build this week
Momentum and new listings continued to build this week. On the street there are a lot of buyers out looking at properties. Anecdotally, many property viewings are double or triple booked. This is especially true in the condo market, where the price per square foot continues to edge around $1000. Take for example this unit at 300 Front St, it was listed at $500,000 and had 23 offers on Monday night. It’s a nice unit, but that’s unreal for a middling Tridel high-rise building. I continue to urge caution and sensibility when it comes to the condo market.
On the freehold side, I am slightly more encouraged this week, specifically in the east end. More quality options are coming on the market in the coveted $800K-$1M mark in East York, Upper Beaches, Beach Hill, Little India. The west end is pretty bleak right now with a few exceptions, some of which are featured in this newsletter. Queen West, Parkdale, Roncesvalle, High Park, Junction, right up to Eglinton is showing a lot of low quality or overpriced property.
The Bank of Canada has a policy meeting next week, after which they they will likely notannounce an interest rate hike. Statistics Canada released a report today showing Canada’s economy grew at a slower rate then expected in the fourth quarter of last year. The report is expected to keep the BOC on the sidelines until at least May, when a .25% hike is more likely.
-Nick, March 2/2018
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