Etobicoke Real Estate Market Update – 2017 Review

2017 Etobicoke Real Estate Market in Review

Last year, the Etobicoke real estate market saw single-family detached homes and condos diverging on two distinctly different paths.

• The growth in the number of condos SOLD outpaced that of detached homes.
• Condo prices increased, while detached home prices decreased.

Condos have increased in popularity for two reasons:

• Affordability: Detached homes are now simply out of reach for many buyers.
• Government policy changes: The changes in both markets have overall pushed more buyers toward condo ownership.

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

December 2016 – December 2017

Etobicoke Sales Volume of Homes and Condos Sold

December 2016 – December 2017

Detached Homes Neighbourhood Average Prices Dec. 2017

Condo Neighbourhood Average Prices Dec. 2017

Our Advice for Buying and Selling in 2018

So what’s in store for the year ahead and what should you do? We’ve got some top tips depending on your situation.

1. Are you looking to upgrade from a condo to a detached home? (Spoiler alert – you’ve hit the jackpot!)

• 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 than you would have a year ago.
• It’s a great time to make the move.

2. Are you a first-time buyer looking to get into the market?

• With prices expected to continue to increase over 2018, it’s wise to jump into the market as soon as you can afford it.
• Get pre-approved for your mortgage before starting your search. On January 1st, 2018, the rules changed and this may affect what you can afford.

3. Are you looking to buy AND sell a home?

• Consider selling your existing property first so you know exactly how much you have to spend on your new home.
• You could even put an offer on a new home with the condition that you sell your existing home. This means the offer isn’t firm until you’ve managed to sell. Not all sellers will agree to this condition but some will. Your agent will be able to assess the possibility of this strategy.

If you’re thinking of buying or selling, we’re here to help. Get in touch with us today!