As we enter the Fall season there is a chill in the air; however, the Etobicoke real estate market remains exceptionally hot. No one could have predicted the dramatic increase in real estate selling prices we have seen over the past year. How long will this red-hot market last? That is the magic question – and truly anyone’s guess.
Recent Real Estate Trends:
- Low inventory of homes for sale
- Homes SOLD at record level prices
- Seeing more buyer fatigue.
- Condo Market is rebounding nicely.
- More homeowners continue to consider relocating to a semi-rural or rural location.
- Our government is discussing putting an end to blind bidding on the resale of homes.
Here’s The Data That Supports These Trends:
Number of Homes SOLD
In August the number of homes SOLD drop dramatically (38%) compared to the same period last year and even more so (46%) when compared to April-May of this year. This low inventory is keeping prices high as buyers compete to win homes on the market.
Prices have increased by 21% over the past year. This has been fueled by the low inventory of homes for sale and the high demand for homes for sale.
How about our Condo Market?
Our Etobicoke condo market has rebounded nicely. We have seen a 12% increase in prices of condos SOLD compared to the same period last year. The number of condos SOLD has remained relatively constant.
Relocating to semi-rural and rural areas
Many Torontonians have flirted with the idea of making the move to a smaller community outside of the city. Small towns offer a slower pace of life, cheaper real estate, and an opportunity to live close to nature. As working from home becomes somewhat more permanent for many, this trend is likely to continue.
What the 2021 Fall Real Estate Market Means for Sellers
It is important to remind sellers that although we are currently experiencing a very strong seller’s market, there is only so much a buyer is prepared to pay for your home, therefore it is important to not lose sight of what’s a good and fair offer. Losing perspective can backfire at the cost of the seller.
Blind bidding is when buyers submit a bid on an offer night without knowing any information about the other bids that have been submitted. This can result in the victorious buyer paying more than what was needed to outbid the second highest offer. The government is interested in ending blind bidding. If and when the government decides to move forward with any changes to blind bidding, we will be sure to keep the ThompsonSells community well informed!
✓ Have questions about selling? Here are some resources that might help:
- Learn more about selling your home with the ThompsonSells Team
- Wondering what your home is worth? Get a free home evaluation.
- Download our Home Seller’s Guide
What the 2021 Fall Real Estate Market Means for Buyers
It’s been a tough year for many buyers, and some are feeling the fatigue after bidding and losing on several homes. Buyers are reminded to think long-term and consider the potential future value when submitting an offer.
The good news for buyers is that the continued low-interest rates have increased the size of mortgage that they can qualify for. Buyers should cautiously take advantage of this perk, without stretching themselves too thin.
✓ Have questions about buying? Here are some resources that might help:
We’re Here To Help
We hope that you’re doing well, and you and your families are keeping safe and enjoying some of the recent re-openings in our community. If you’re interested in understanding the value of your home in today’s market, and how buying and/or selling has recently changed, please reach out to us right here. We’re here to support you.