Where to Buy and Sell in Greater Toronto This Week
Where to BUY in Toronto This Week: Mimico had been described as up-and-coming for a number of years and its residents who bought a home, instead of a condo, have probably done quite well. However, because this over-developed area has a ton of condo inventory, I don’t necessarily feel that buying a condo in Mimico will offer a great ROI. That said, if it is a condo in Mimico you want, all that inventory is making conditions favourable for Buyers.
Why This Week: Inventory in W6 district where Mimico is located has increased over 10% while the active listings for Toronto as a whole have decreased by 2%, compared to the same time last year. Listings have increased by almost 8% since the start of October, and as we head towards the holiday season, there will be Sellers who need to sell. This will likely result in price drops to avoid having their investment sit vacant for a prolonged period of ti
What you will find: With close to 300 active condo listings you will have your choice. Want a lake view, looking for something in the low to mid 200K range you will have your pick here.
Where to BUY in the GTA This Week: Looking for more property? King Township is located north of Vaughan and encompasses areas such as Schomberg, King City and Pottageville.
Why This Week: While inventory in the rest of the GTA has decreased more than 10%, inventory in King has increased more than 14% from around the same time last year. The average listing is sitting on the market for over 2 months. Sellers will have to drop their price to reflect the increase in inventory, particularly the recently built higher priced homes with smaller properties. Typically King only accounts for 1.5-2% of the GTA’s active listings (excluding Toronto), but it is currently accounting for over 2% of listings in the GTA.
What you will find: Mostly rural detached homes on large lots with some large suburban style properties closer to the heart of town in areas like King City, Schomberg, and Nobleton.
Where to SELL In Toronto This Week: Are you considering listing in Birchcliffe/Cliffside? Now could be a great time.
Why This Week: Active listings are down almost 30% from around the same time last year and have decreased by 25% from less than a month ago. The significant drop in competition makes listing in this East Toronto neighbourhood an appealing option.
Where to SELL in the GTA This Week: Listings are down significantly across the GTA, but we have seen a significant drop in the number of active listings currently available in Brampton. With former mayor, Susan Fennel, no longer blowing the budget on Limousine/Town cars, maybe there will be some potential for a reduction in taxes.
Why This Week: Active listings are down 30% from the same time last year and 19% from a month and a half ago. While Brampton frequently accounts for 15% of the GTAs active listings (excluding Toronto), it’s currently only accounting for 12.6%. This decrease in inventory will help Seller’s obtain their desired list price.