January was another interesting month! It appear that buyers and sellers have been taking a bit of a break from the market. The number of homes available and the number of homes sold were both down from previous months. Perhaps the frigid weather is having a toll on us in more ways than we thought! In this Etobicoke real estate market update, we’ll reveal what’s happening and why. Let’s jump in!
Detached Home Trends
- In terms of what sold well, properly-priced, desirable homes sold quickly, while others didn’t.
- When it comes to prices, overall, they have stabilized in most of our neighbourhoods where the trend across all of Toronto is a slight decrease.
The Hot Condo Market
- It looks like 2018 will be the year of the condo!
- Lofts are the rage in Etobicoke. One recently sold listing had 100 showings and 11 offers, and sold for $92,000 over the list price.
- With the new mortgage rules and detached home prices being out of reach for many buyers, condos represent the best and only option for many buyers.
- Bidding wars are becoming the norm in the condo market
The charts below give you an overview of how the sales prices and volumes have been trending over the past year:
Etobicoke Average Sales Price of Homes and Condos
January 2017 – January 2018
Etobicoke Sales Volume of Homes and Condos Sold
January 2017 – January 2018
Detached Home Neighbourhood Average Prices Jan. 2018
Condo Neighbourhood Average Prices Jan. 2018
Our Advice for Buyers and Sellers Wanting to Move This Winter
So what does all of this mean for you? We’ve got a few tips depending on your situation.
1. Selling your home?
You need to make sure you price it right for the current market, stage it so it looks its best, and give it broad exposure so it reaches as many buyers as possible. These steps will ensure that your home sells quickly for top dollar. It’s a proven formula for success!
2. Looking to upgrade from a condo to a detached home?
You’ve hit the jackpot! Your timing is pretty much perfect. The condo you’re selling has appreciated more than the home you’ll be purchasing. This means that you’ll get more house for your money on your new home than you would have a year ago. It’s a great time to make the move.
3. Are you a first-time buyer and wondering where to start?
You should definitely get pre-approved for your mortgage before starting your search. Understand how much you can afford before you start falling in love. You don’t want to be house-rich and cash-poor.
4. Are you deciding whether to buy or sell first?
We covered this in-depth in a recent post, but in general, you might want to consider selling your existing house first so you know exactly how much you have to spend on your new home. Alternatively, you could add the condition of sale of your home when making an offer. It’s a condition that some sellers are more likely to consider in today’s market. Your agent will be able to assess the possibility of this with you.
If you’re thinking of buying or selling, we’re here to help. Get in touch with us today!
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