Etobicoke Real Estate Market – September 2019

So how did our market perform in September?

The Etobicoke real estate market continues to be strong however a bit unpredictable. Some homes that seemed to be priced right, in attractive neighbourhoods didn’t sell while others that we thought might be a bit more of a challenge SOLD quickly.

We saw buyers out previewing properties with many homes having in excess of 30 showings. In prior years that would be a very good indication that a couple of offers were on the way. Today, buyers seem to be a bit more wary. It’s definitely a more price-sensitive market. Buyers are more cautious and really doing their due diligence before submitting an offer.

This means that sellers have to be realistic about their price if they want their home SOLD. Homes priced to the market are selling. Overall, September was a strong month in Etobicoke with higher volumes of homes selling across most of our markets.

Mimico, New Toronto, Long Branch and Alderwood

Detached Homes

More homes SOLD in Sept 2019 versus Sept 2018, (up 80%) However, home prices were flat from a year ago.

Buyers are out shopping but refusing to overpay. Overpriced homes are just sitting on the market. In fact, there’s a home currently listed for sale on Hay Ave that’s been on the market for 184 days. Gone are the days that every home sells. Sellers need to price tat the market for it to sell.

Condos

The number of condos that SOLD in Sept 2019 versus Sept 2018 was flat. Home prices were up 6% from a year ago.

This market continues to be a sweet spot for first-time buyers. Prices continue to climb at a more modest rate.

Queensway and  Sunnylea

Detached Homes

September SOLD homes ranged in price from $760,000 for a 2 bedroom bungalow at Royal York and The Queensway to $2,225,000 for a luxury home in Sunnylea – Prince, The average price of a home SOLD in Sept 2019 versus Sept 2018 dropped by 15%. This is likely a reflection of the higher demand for the homes under the $1 million mark versus comparable home prices dropping. Averages can be very misleading!

Condos

There are very few condos in this area. In fact there were only 5 that SOLD in Sept 2019. They ranged in price from $639,000 to $1,374,000. The condos in the area a mostly boutique buildings.

Kingsway, Edenbridge, Princess -Rosethorn, Central Etobicoke

Detached Homes

Home prices were up 9% in September compared to one year earlier. The volume of homes SOLD remained constant.

Condos

The demand for condos in this area remained strong with 86 condos selling in the month of September. Prices for the condos were up 7% from a year earlier.

Our Tips for Buying and Selling in the current market

So what does this all mean if you’re thinking of buying or selling? We’ve got some tips to help you decide what to do.

1. Thinking of selling your home soon?

The market has shifted from a seller’s market to a more balanced market.  This means that buyers are out looking to purchase but are taking their time to make sure that they find the right home at the right price.  Sellers will need to price their home right for the current market.  It also needs to be staged to look its best and requires maximum exposure so that all potential buyers see it.

2. Are you looking to upgrade from a condo to a detached home?

Don’t wait; the time is now! You don’t want to look back in six months and think If only I’d made the move a few months ago. You’ll still get more bang for your buck than you would have this time last year. It really is still an ideal time to make a move.

The one potential downside of today’s market is that the inventory of both detached homes and condos for sale in Etobicoke is still low even though it has increased slightly. Many offers are now coming in with conditions. It’s advisable to work with an experienced agent who knows what conditions are problematic and which ones are fine.

3. Are you a first-time buyer and wondering where to start?

If you’re beginning your search, one of the first things to do is to get pre-approved for your mortgage. This way, you’ll know exactly how much you can afford and avoid disappointment. The best time for you to buy is yesterday and the second best is today. Don’t wait.

4. Are you deciding whether to buy or sell first?

We delved into this topic in a recent blog post, but in general, it’s a good idea to sell first. You’ll know how much you have to spend and you won’t have to settle for a lower price if the sale ends up taking a long time. If you do buy first, you could consider adding the sale of your home as a condition in your offer. Unconditional offers were the norm for a while, but sellers are more open to considering conditional offers in today’s market.

If you’re thinking about buying or selling in the near or far future, we’re here to help. Get in touch with us today!