What to Expect in the Fall Real Estate Market in Etobicoke

With fall right around the corner, you may be wondering what we can expect from the fall real estate market in the coming months. Will it be a good time to sell my home? Will it be a good time to buy my first home? Should I purchase that investment property I’ve been dreaming about?

Thankfully, we’re keeping an eye on the market for you and have a few predictions to help you make your decisions. Here are a couple of Etobicoke real estate market trends that we’re expecting to see in this fall real estate market.

1. Buyers Are Back Out Wanting to Buy

Our last couple of listings have seen a significant increase in traffic, with buyers now ready to pull the trigger. Our open houses in August have been swamped with buyers. Bear in mind, this is the end of summer and this kind of activity is not what we’d expect to see at this time of year.

Perhaps buyers are feeling a bit more confident about making that big purchase with pricing down from their highs in 2017 and employment numbers up. Whatever the reason, it’s clear they’re starting to feel it’s a good time to buy.

2. The Number of Homes on the Market Will Increase

It seems that many homeowners who want to sell have been holding off listing, as they wait for prices to return to spring 2017 highs. However, they’re now conceding to the new price levels, and generally, sellers are feeling that it’s a good time to sell.

We’ve seen an indication of this with the number of new home evaluations we’ve been doing and the number of calls that we’re getting from potential sellers. Combine this with the increase in buyer traffic and we expect it will result in a strong fall for new listings, as well as the number of homes sold.

3. Condo Activity Will Be Building and Neighbourhood Specific

We’ve recently had a couple of years where condos were in short supply across the city, and pricing hit record highs in all neighbourhoods. In the fall real estate market, we expect that the hot market will continue in the high-demand neighbourhoods and in the best buildings.

However, we don’t expect the pattern to continue across the board. There’re be price stabilization and perhaps even price decreases in some buildings and neighbourhoods.

4. Sales Will Increase in the Detached Market Faster Than in the Condo Market

The delta between condo prices and detached homes has decreased substantially over the last couple of years, making detached homes far more attractive. We expect that more buyers will take the leap to the detached home market as they recognize that this may be a short-term opportunity.

5. The Condo Rental Market Will Remain Very Tough

In the condo rental market, we’ve seen bidding wars on rentals and prices increasing at a rapid pace. Unfortunately for renters (although good news for landlords), we don’t expect this to change in the near future.

6. Investors Will Continue to Buy Good Value Properties

Investors are far less emotionally attached to a particular purchase and will continue to search out value in the market. We expect that this will mean fewer investors buying in the condo market and more investors returning to the detached home market.

If you’re thinking about buying or selling in the near or far future or want to know more about the fall real estate market, we’re here to help. Get in touch with us today!