Bosley Market Update – November 23
It’s the end of the road for GM – “General Motors 100 years in business.” Who would have thought one of the largest car manufacturers would be closing shop? What is going to happen to real estate in Oshawa? Will there be a countless number of listings coming to market? When bad economic news emerges in the fall months, the repercussions in markets tend to be more pronounced, due to lack of daylight and gloomy weather. But we are putting all that aside and getting our Christmas list ready. New boots, new gloves, and more listings!
The freehold sector saw 141 new listings come to market last week, a small 2% increase compared to the previous week. The number of recorded sales however was down 21%. This drop is consistent with declines in sales over previous years and is more a statement of the approaching winter market. Still, sentiment for home ownership remains strong as nearly 41% of those sales happened at or above the asking price.
The condo market saw a modest decline in new listings from the previous week down 21% to 209 units from the 267 units the previous week. We saw a small 5% increase in sold units from the week before, and of those sales 44% have been in multiple offer scenarios. The buyers are still circling and waiting to buy before mortgage rates rise in the new year, and we expect the condo market to be strong for the rest of the year.