Prices for all property types are again almost exactly the same this month as they were in the same month last year. The ‘hoping for lower interest rates’ meme is continuing to drive the market, as prices are continuing to rise. While the odds of interest rate cuts seem a lot higher than they were last year, they are not yet a lock. Persistent inflation and/or persistent economic strength could once again delay any cuts. On the other hand, should lower rates arrive as expected, we could see a very strong market throughout this year.

Houses

So far in March, house prices are within a rounding error of matching last March. Also, while the rate of price increase has slowed a bit this much, we haven’t seen an actual March-Break-induced drop in prices like we did last year. This sets the stage for even higher prices in April and May, perhaps accelerating after Easter weekend at the end of March.

The inventory of houses for sale ticked up slightly in March, though it remained deep in sellers’ market territory at less than 2 months’ supply. House sales in March are almost exactly the same as last March, but listings are somewhat higher. We we probably see even more listings in April and May, however, we’ll probably see a lot more buyers also as long as the interest rate outlook stays positive. The low inventory has led to the resurgence of bidding wars, with extreme underpricing once again becoming common (if not the norm).

Condos

Prices for condo apartments continue to follow last year’s increasing trend line very closely. As for houses, the prospect of lower interest rates is the main driving force for higher prices.

The inventory of condos for sale has come down from last fall but remains high. Delayed offers and bidding wars are rare, consistent with a balanced market. Even more than houses, the condo market is being driven by interest rate optimism, and is quite vulnerable to any change in interest rate sentiment.

Bottom Line

The Toronto market is continuing to improve in March and is closely following the 2023 trend line. As long as hopes for lower interest rates remain high, this pattern will likely continue for at least the next couple of months. Almost certainly there will be a summer slowdown from mid June until mid August. The strength of the fall market will depend on whether interest rates actually come down.

Prices and sales are increasing in February for all property types in the City of Toronto. Overall, the market is closely following the 2023 script, where we saw steady improvement each month until spring. Last year, the market faded significantly in the second half as hopes for lower interest rates were dashed. This year, lower rate hopes once again abound, and perhaps this time our wishes will come true. If so, we could see a market that stays strong all year long.

Houses

House prices are up about 6% since last month, and only slightly lower than last February. The trend line is closely similar to last year, suggesting that prices will continue to increase over the next 3 months. Barring, of course, any sudden changes economically, financially, or geopolitically (fingers crossed!).

Sales and listings for houses are both more than 50% higher than in January, and the inventory level fell slightly to just under 2 months’ supply. This is solidly in sellers’ market territory, and will likely remain so for the next 3 months or so.

Condo Apartments

After seven consecutive months of falling prices, the Toronto condo market is turning around. Prices are up by about 3% over January, and the trend line is exactly matching last year. Similar to houses, we can expect prices to continue upward for the next three months, as long as present conditions continue.

The inventory of condos for sale is falling after spiking up to over 5 months’ supply last September, gradually morphing from a buyers’ market to something more balanced. As financially burdened condo investors continue to sell, and as hope for lower mortgage rates grows, inventory should continue to fall.

Bottom Line

Just like last year, the Toronto market is showing early strength for all property types. This is based, once again, on hopes for falling interest rates sometime later this year. If this should come to pass, we could have a healthy market right through until Christmas. If the hoped-for reductions turn out to be another head-fake, however, we may have yet another weak second half. Interesting times.

Houses

January house prices are slightly down from December and roughly the same as they were last January. Digging a bit deeper, however, we find that prices in the second half of January were about 10% higher than in the first half. Bidding wars are returning with a vengeance and, while we are not (yet) seeing crazy high prices, there have been double-digit multiple offers on many properties. There have also been many sales of properties that languished on the market last fall. Clearly, buyers are returning to the market, even though they remain somewhat cautious on price.

After being ‘faked out’ last spring by the central banks (which led to a dismal second half of the year), buyers now seem convinced that we are finally done with interest rate hikes. Buyers seem to be sensing that prices have bottomed and will rise in anticipation of falling rates. If so, we could see prices surge upward over the next few months. Further, assuming that interest rates actually do start falling in the second half, we could also have a very strong fall market.

One caveat: there is the possibility that the economy could spoil the real estate party. Fourth quarter GDP results will be published at the end of February. Third quarter GDP was negative, and another negative print would mean that we will be (technically) in a recession. One can imagine the headlines. If this happens, fear of job loss might cool buyers’ interest and soften prices.

The inventory of homes was about the same as in December and lower than last January.  This is the typical pattern in a strong spring market.

Condo Apartments

The condo market also sagged in the second half of last year, even more so than the house market. After peaking in May, condo prices fell for seven months in a row and ended pretty much where they started the year. The main reason for the relative weakness of condos versus houses is the large proportion of condos that are income properties. For decades, there has been very limited  construction of rental apartment buildings. Condo apartments have filled the gap between demand and supply, to the point where roughly half of all condo apartments in Toronto are rented.

Many condo investors have seen (or will soon see) their mortgage payments rise steeply. This has made the investment much less attractive, even as rents have continued to rise. For some that are carrying a mortgage on their home as well as on one or two rental condos, the financial burden is becoming onerous or even unaffordable. Not surprisingly, many are deciding to dump their investment condos. This has led to a steep rise in condo inventory to over 5 months’ supply, well into buyers’ market territory.

This ‘pig in a python’ should work its way through the market over the next few months, especially with the anticipation of lower interest rates. We are already seeing condo inventory falling. The condo market will probably continue to lag behind the housing market this spring but could see a healthy bounce back in the second half.

Some Perspective On The Toronto Market
A Ten Year Price Overview

For those who believe that the Toronto market has suffered from the one-two punch of Covid and higher interest rates, I offer the chart below. This chart shows average selling prices for all property types (freehold as well as condos) since 2014. Especially surprising, at least to me, was that prices increased by 12% during 2020! This was the year of the lockdown when there was extreme doom and gloom about almost everything!

Since the beginning of Covid in 2020, prices have risen by 24%, despite the fact that prices fell last year for the first time in a decade. There has been tremendous volatility over those four years, however,  the highs overpowered the lows by a wide margin.

Interestingly, the increase in prices from 2014 until 2020 was also 24%, so Covid and higher interest rates had essentially no overall positive or negative impact on prices. The imbalance between the number of people needing a place to live, and the housing available to accommodate them, seems to be overpowering all other factors.

Houses

House prices fell by about 14% this summer, and many sellers expected that prices would improve in the fall, as per the normal seasonal pattern. While prices did increase in mid-September, the bounce was short-lived, as the market was soon flooded with new listings.

By late September, prices were once again falling, and have continued to do so each month since then. As of late December, house prices are about the same as they were throughout last fall.

The inventory of houses for sale actually fell slightly in December, reflecting steady sales with declining houses for sale. This is a positive sign for the spring market, since houses remain in a moderate sellers’ market.

The central banks in both Canada and the USA have suggested that they are done with interest rate increases and, in fact, that rates will come down in 2024. Equity markets have responded with a huge rally, and this may lead buyers to expect higher house prices next year. This, combined with the usual seasonal pattern, suggests that we will likely see a nice bounce in house prices next spring.

Buyer sentiment could be the key to the strength of the spring market. Now that the signs are pointing toward lower interest rates next year, buyers who have been hesitating may decide to jump in early to get ahead of rising prices.

Condos

The condo market followed the same trend as houses through the spring and summer. Unlike houses, however, condos did not see even a hint of a fall recovery. Price have fallen for seven months in a row, and are now 4% below last December.

A large factor in this decline has been a sharp increase in inventory levels since August. With more than 5 months’ supply, condos are in a buyers’ market. Much of the increase in inventory traces to investors who have been financially strained by huge increases in mortgage payments on both their personal residences as well as on the condos they bought as income properties.

With the prospect of lower interest rates next year, as well as the continued strength of the rental income market, condo prices seem likely to recover next year, although perhaps a bit more slowly than house prices.

Bottom Line

Prices for both houses and condos recovered early this year, after a dismal second half in 2022. This was mostly due to hopes for an end to rising interest rates, to be followed soon by falling rates. The central banks did little to encourage these hopes, however, with a ‘higher for longer’ narrative that suggested that high interest rates could be with us for quite a while. While the market during the second half of this year was stronger than in 2022, but many buyers have remained on the sidelines.

The central banks are now giving us much more hope for lower interest rates next year. This will likely lead to a strong spring market in 2024, with houses outperforming condos to some extent.

There remains some risk of recession next year. Third quarter GDP was negative, and the fourth quarter GDP print will be announced at the end of February. If it is again negative, we will (technically) be in a recession, and this could dampen buyers’ enthusiasm if they fear losing their jobs. Worst case, we could have a healthy early spring market followed by weakness during the summer and fall, like an echo of 2022 and 2023.

Houses

Prices for freehold properties are falling again in November and are now just above last November. We seem to be completing a correction back to the 2022 trend line after the brief upward ‘blip’ in early September. If this trend holds, December prices will likely be about the same as November.

Sales of freehold properties are following a pattern that is very similar to prices.  As with prices, sales got off to a slower start this year as compared with 2022. After ‘catching up’ with 2022 in May, however, sales in 2023 have matched 2022 very closely. This included a steep drop during the summer followed by a leveling off in the fall.

Condo Apartments

Like houses, condo prices got off to a slower start this spring as compared with last year, but have closely followed 2022 since May. Condo prices have been leveling off over the past three months, and have actually fallen a bit below last year. This is likely due at least in part to the impact of high interest rates on owners of investment condos. Many homeowners bought condos for extra income when interest rates were very low. Now, they are feeling the pain of multiple mortgage payments that have increased dramatically, and many are deciding to dump their condos.

Sales of condos have, as for houses, followed a pattern similar to prices. Since the summer, monthly condo sales have been almost exactly the same as last year. If past is prologue, we should expect condo sales to fall in December while prices remain more or less steady.

Where Do We Go From Here?

Price and sales trends for both houses and condos this year were eerily similar to last year. In 2022, an overheated market in the early months succumbed to rising interest rates, and both prices and sales fell steeply until they bottomed out in the fall. This year, prices and sales both recovered in the spring based on the widely accepted narrative, namely, that inflation was coming under control and interest rates would soon be falling. This turned out to be a massive head fake, of course, as inflation has proved stubborn and interest rates have continued to rise, if only slightly. The market reacted as it did in 2022, and both prices and sales fell in precisely the same way as they did last year.

So, what will happen next year? In my view, several conflicting factors will come into play:

1. Supply and demand. As we all know, we have a housing crisis in Canada and especially in the GTA. There are many more people than there are places for them to live, so there is enormous pressure on rental prices and huge pent-up demand to buy houses. While high interest rates have limited affordability, there are still lots of buyers with the wherewithal to buy homes. What is causing them to hesitate is uncertainty about the economy as well as whether prices will go even lower. On balance, the excess demand will put a floor under house prices and will cause them to rise as uncertainties wane.
2. The seasonal trend. ‘Everyone knows’ that prices always go up in the spring and this powerful element of buyer psychology may cause prices to pop in the spring (at least briefly) despite all the bad news.
3. The economy. GDP was down slightly in the 2^nd quarter, and, if it’s down again in the 3^rd quarter, we will be (technically) in a recession. This will add another layer of uncertainty – potential buyers who fear for their jobs are less likely to buy.
4. Interest rates. It’s unlikely that interest rates will fall before the middle of next year. However, if they should go up again, even by a small amount, this will put a damper on the spring market. This isn’t about the impact on affordability, it’s about the belief that higher rates will lead to lower prices, which can become a self-fulfilling prophesy.
5. Inflation. We all hope that the inflation rate will continue to fall. However, if inflation should increase, for example because of a geopolitically-induced spike in oil prices, this will further fuel uncertainty and put downward pressure on prices.

I think it’s highly unlikely that prices will fall over the next few months. I suspect that factors 1 and 2 will lead to a least a modest (if short-lived) increase in prices in the spring. The best case would be good news about the economy, interest rates and inflation, which could lead to a very hot market indeed. Interesting times and vuncertain predictions

We are almost two months into the fall market, and the trend is clear. House prices are up modestly from the summer months, while condo prices have continued to trend downward.

Houses

Through the summer months, the Toronto market was slow and house prices fell 14% from the peak in May. Many prospective sellers have waited, hoping for higher prices in the fall. For a brief, exciting moment, it looked as if that might happen. By mid-September, house prices were up 9% versus the summer, and it seemed as if a hot fall market was underway. Alas, it was not to be, as a surge in listings starting in late September nudged house prices back down.

Even so, fall prices are up 4% versus the summer and up 7% versus last fall. This shows that the house market is comparatively healthy and steady. However, it’s not as strong as sellers had hoped. The burning question now is whether we will see a hot spring market next year, similar to the past 3 years. Many sellers are banking on it. However, the unrelenting bad news we have been receiving lately makes this a very uncertain call.

Condos

Condo prices also fell during the summer, and the downward trend continued in September. October prices have improved slightly, suggesting that condo prices may have stopped falling, but they remain lower than in the summer.

Inventory Levels

We describe inventory in terms of ‘months’ supply’. This indicates how long it would take to sell all of the properties now on the market at the current rate of sales, assuming no other homes are listed. We estimate inventory by dividing the number of properties for sale by the number of properties sold in the most recent month. As a rule of thumb, we reckon that 3-4 months’ inventory is a balanced market where neither buyers nor sellers are in control, while 5 months or more is a buyers’ market.

House inventory increased steadily over the summer months, and by September houses had moved into balanced market territory after having been mostly in a sellers’ market for the past several years. In October, however, house inventory has pulled back to just under 3 months. This suggests that house prices should remain steady in the short term.

The condo market is  different. A large inventory spike in September has put condos into buyers’ market territory and this trend has continued in October. This is consistent with the falling condo prices and suggests that the weak market may persist.

Ironically, one of the chief causes of the higher inventory levels is that investors are listing their income properties. One might think that, with the rental market being so hot, income properties would be very attractive. While this is certainly true, higher mortgage payments have put financial strains on many investors carrying mortgages on income properties as well as their personal residences. Of course, when push comes to shove, it’s the income property and not the home that has to go. This is especially true of condos, since a large proportion of the condo market is for rental purposes, and many people bought rental condos over the past few years when interest rates were ultra-low. Condos are a preferred starter property for many beginner investors, as they are low cost and easy to manage.

Bottom Line

The Toronto market has weakened since the spring, and it’s apparent that the lower summer prices were not just a seasonal trend. The house market has withstood this trend better than the condo market, and house prices more likely to remain steady over the short term than condo prices.

As for next year, we may or may not see a bounce in prices in the spring. If we do, houses are likely to benefit to a greater extent than condos.

Whether you’re buying a home or selling, the real estate agent that you choose to work with will be really important. As the expert in your corner, your agent will not just guide you through the process of buying or selling, but they can also ensure you get the greatest result possible on the market. 

When you decide to both buy and sell a home in West Toronto, you typically have two options. You can either choose to work with two separate agents, one for each transaction, or opt for a dual-agent approach, where the same agent handles both deals. 

In this blog, we’ll explore the importance of working with a West Toronto real estate agent, the advantages of a dual approach, and what you should know about choosing the right professional for the job. 

Are you new to Canada or West Toronto? Click here to read our helpful guide for newcomers. 

How Does an Agent Help You Reach Your Goals?

Whether you’re buying, selling, or both, agents do a lot! As a dedicated professional, they have a vested interest in helping you achieve your goals. 

A seasoned agent who specializes in West Toronto will have in-depth knowledge of the local real estate market. This expertise can be invaluable, whether you’re looking to buy or sell, as it can help you make informed decisions based on current market conditions.

That said, no two real estate agents are the same, and because they can drastically increase your ability to reach your ideal outcome, you’ll want to be selective in who you choose to work with. 

Preparing to sell your West Toronto home? Read these related blog posts next. 

• How Much Does it Cost to Sell Your Home in Toronto?
• Do Home Showings Work?
• How to Sell Your Toronto Home in a Balanced Market

One Agent or Two?

An experienced and knowledgeable agent will have a wide range of expertise and systems in place to help you reach your goals. However, because they are two distinct processes, an agent’s knack for buying homes may be different than their ability to sell. With this in mind, some homeowners opt to work with two separate agents in order to maximize their results. 

While this approach can be an effective way for some people to optimize their approach to the market, it’s not always necessary. In fact, there’s a lot to be said about the value of working with one agent on both your sale and purchase. 

Advantages of Working With the Same Agent

Simplicity 

One of the main advantages of using the same agent for both buying and selling your home is simplicity. After your first transaction (either buying or selling) your agent will already be familiar with your goals, preferences, and timelines, making it easier to coordinate your second transaction in an efficient way. This can help you stay on top of important details.

Communication 

Another advantage of working with the same agent when buying and selling your home is streamlined communication. When you work with a single agent for both transactions, you can develop a rapport and experience consistent and open communication. You won’t need to juggle between different professionals, which can sometimes lead to confusion or misunderstandings.

End-to-End Vision

While buying and selling a home are two separate steps, they’re key parts of a singular event – your move. Another great part of working with a dual-agent is that they can make your move feel cohesive. By managing both your purchase and sale, an agent can make your journey feel like one smooth process. 

Searching for strategic home buying advice? Check out these other posts from our blog. 

• Should I Buy A Multi-Family Home in Toronto?
• What Are the Costs of Buying a Toronto Condo?
• Is it Better to Buy or Rent in West Toronto?

Working With Smith Proulx

If you’re looking for an experienced West Toronto Real Estate team who can help you make the most of your purchase and sale, look no further than Smith Proulx Real Estate! We’re a family team with decades of experience – and well over 1,000 real estate transactions under our belts. 

If you’re looking to buy, sell, or both, we can guide you through a seamless process while ensuring you get the best results possible! Ready to get started? So are we! 

Hoping to buy or sell in West Toronto? The Smith Proulx Team can help. Send us an email or call 416-769-6050 to get started. 

Welcome to West Toronto, a lively and vibrant part of Canada’s largest city. This charming part of the city is home to a wide range of residents – including new Canadians. 

In this blog post, we’ll help you get to know West Toronto better by highlighting some of its top neighbourhoods and everything to love about life in the West End. We’ll also cover important information about purchasing residential property as a new Canadian, the advantages of buying, and how you can find a great place to call home with the help of a local real estate agent.

What Makes West Toronto’s Neighbourhoods Great?

The West End’s dynamic neighbourhoods offer a blend of urban living, natural green spaces, great schools, cultural amenities, a strong sense of community, and more.  

Some of Our Favourites

Swansea

Swansea is a picturesque neighbourhood nestled along the Humber River. Known for its charming streets and Tudor-style homes, it offers a peaceful suburban feel while being just a short commute to downtown. It’s also located near Bloor West Village, a vibrant shopping and residential district that boasts a variety of boutiques, cafes, restaurants, and specialty stores.

Roncesvalles

Roncesvalles, known locally as “Roncy” is not just one of the most in-demand neighbourhoods in West Toronto but also the whole city. Roncy is a family-friendly neighbourhood with quiet streets and a strong neighbourly feel. The area’s bustling commercial strip along Roncesvalles Avenue is frequented by locals and visitors alike. 

The Junction

The Junction is an up-and-coming neighbourhood that stands out as one of West Toronto’s most unique enclaves. Known for its trendy vibe, the neighbourhood’s art spaces, bars, and eclectic shops make it a vibrant place to call home. Given its distinct atmosphere, The Junction is particularly popular with younger residents. 

Thinking about buying a home in West Toronto? Explore these related readings for tips. 

• Should I Trust Real Estate Advice From Social Media?
• Incentives & Tax Breaks First Time Buyers Should Know About
• Should I Buy A Multi-Family Home in Toronto?

Can New Canadians Buy Real Estate in West Toronto?

In West Toronto, like a number of other significantly populated areas within Canada, there are specific rules governing property ownership for newcomers. The Prohibition on the Purchase of Residential Property by Non-Canadians Act, which took effect at the start of 2023, does impact some new residents, but not all. 

So who is eligible to buy a home in West Toronto? In short, anyone who is a Canadian citizen or permanent resident may buy residential property. Temporary residents who are in Canada to work or study may also be eligible to buy a home, however, there are some nuanced restrictions.   

It’s important to note that this legislation is pretty complex and there are certain exemptions that apply. With that in mind, it’s worth speaking to a real estate agent or lawyer before you begin house hunting. As professional experts, they can provide you with a better sense of whether or not these rules will impact you. 

Why Buy in West Toronto Instead of Rent?

Although The Prohibition on the Purchase of Residential Property by Non-Canadians Act may make a home purchase seem daunting, owning a home in West Toronto (as opposed to renting) can help new Canadians create a strong financial foundation as they adjust to life in Canada. 

In West Toronto, purchasing a home is often considered a wise investment because it offers long-term financial stability. Unlike renting, where monthly payments go towards someone else’s property, buying a home allows you to build wealth for yourself over time. This equity can serve as a valuable asset and a source of financial security for you and your family in the long run.

Not to mention, buying a home can protect you from Toronto’s climbing costs of rental housing – which include some of the highest costs in all of Canada. 

Want to know more about our favourite communities in West Toronto? Check out these neighbourhood-related blog posts. 

• Best West Toronto Communities for Kids
• What Makes a Great Family-Friendly Neighbourhood in Toronto?
• 3 Great West Toronto Neighbourhoods For Downsizers

Your West Toronto Real Estate Team

If you’re thinking about buying a home in West Toronto, you’ll want to work with an experienced, local real estate team – like us. At Smith Proulx Real Estate, we’ve been helping families find their perfect home in the West End for decades, and we can do the same for you! 

When you’re ready to begin your house-hunting journey, we’re ready to help. Reach out anytime to get in touch!  

Thinking about purchasing a home in West Toronto as a new Canadian? The Smith Proulx Team can help. Send us an email or call 416-769-6050 to get started.

Looking for personalized real estate advice? We can help! Reach out at 416-769-6050 or email us at info@smithproulx.ca.

Houses (Detached, semi-detached and attached)

Following the seasonal script perfectly, house prices have rebounded sharply in September. Prices are up 9% from the August low and are back to where they were in June. We usually see continued momentum in October, so prices could be even higher next month. While the Bank of Canada did not hike interest rates this month, it seems likely that high mortgage rates will be with us until at least the middle of next year. So affordability limitations are not holding the Toronto market back. There are simply too many buyers chasing too few homes for sale, a reflection of our growing housing crisis.

Looking for home-buying advice? Start with these related blog posts.

• Should I Trust Real Estate Advice From Social Media?
• Why You Should Buy Instead of Renting
• Incentives & Tax Breaks First-Time Buyers Should Know About

Condo Apartments

September prices for condos are up slightly versus August but are still below July. Counter-intuitively, the impact of higher interest rates has been even greater on condos than on houses. This is because many condos are income properties purchased by homeowners. As interest rates ramped up last year, these investors suddenly experienced considerable increases in mortgage payments on both their homes and their investment condos. Many of them decided to sell their condos, adding to the inventory of condos for sale. This may be why condo prices are not bouncing back this month to the same extent as house prices.

The Bottom Line

The outlook for the next 6-9 months is highly uncertain. The impact of higher interest rates is being felt more and more strongly by consumers, businesses and governments, and so the probability of a recession next year is increasing. Even if we can manage the mythical ‘soft landing’, a hot spring market in 2024 seems like a long-odds proposition.

It seems to me that the most likely scenario is a reasonably strong market until early to mid-November, followed by seasonal weakness over the Christmas season, and then a modest recovery in the spring that falls somewhat short of this year’s high. Many other scenarios are possible, of course… stay tuned.

Looking for personalized real estate advice? We can help! Reach out at 416-769-6050 or email us at info@smithproulx.ca.

As a home seller, getting great results is absolutely important. However, optimizing your returns isn’t just about maximizing the final sale price.

In West Toronto, enjoying a successful sale also requires planning for the various costs of selling. By understanding what’s involved and planning accordingly, you can maximize your return on investment and make the transition to your new home as smooth as possible. 

In this blog post, we’ll break down some of the main expenses that you can expect to budget for when selling your home. 

Want to stay informed about new real estate developments and changes to the local market? Sign up for our newsletter and get up-to-date information about West Toronto real estate sent directly to your inbox here. 

Real Estate Agent Costs

One of the most important parts of selling your home is working with a real estate agent. Not only can they take care of all of the complicated parts of a real estate transaction, but their selling strategies will make a big difference in how quickly you sell – and your final price. 

While the expertise provided by a real estate agent is invaluable, you will want to be aware of the costs involved. In West Toronto, almost all real estate agents operate on a commission basis. This means that your agent fees will be a certain percentage of your home’s final sale price (plus HST). 

It’s important to note that average commission rates can vary. As you research potential agents, be sure to ask them about their fee structure.

Planning to sell your home? Check out these other blog posts for helpful advice! 

• West Toronto Neighbourhoods For Downsizers
• What Should Sellers Know About Exclusive Listings
• Tips For Selling After a Divorce

Pre-Listing Upgrades 

In a competitive market like West Toronto, you’ll want to ensure your home lives up to (and exceeds) buyers’ expectations. On the market, your home should present its best. This will entail making a few repairs and upgrades before you list. 

While it may seem a bit strange to take on a home improvement project before selling, the right repairs and upgrades can have a very positive impact on your sale. For instance, if your home has any major issues such as a leaky roof, plumbing problems, or electrical issues, buyers will be less likely to make top-dollar offers. Along with making repairs, a few cosmetic improvements can make a significant difference in the overall appeal of your home. 

Every home is different, so budgeting for this step will require some help from your agent. After touring your home and getting a sense of your market aspirations, they can help you determine which repairs and upgrades will impact your sale most. 

Legal Fees

Selling a home involves a ton of paperwork, legal processes, and fine print. As part of your sale, you’ll work closely with a real estate lawyer to ensure your interests are protected. Just like working with an agent, you’ll want to be aware of the costs that come with their services. 

Legal fees can vary depending on the complexity of the sale and your lawyer’s individual costs. Some professionals charge a flat fee while others use an hourly rate. In West Toronto, an approximate budget of $1,500 is typically suitable for legal costs. 

Looking for more home-selling resources? Check out these blog posts!

• Tips For Selling Your Home During the Fall
• Do Home Showings Work?
• How to Sell Your Toronto Home in a Balanced Market

Moving Costs

In addition to transaction-related expenses, you’ll also need to factor in the costs of moving. Moving is no small task and hiring professional help can make the process much smoother. Like the other items on this list, moving costs can add up in a hurry. 

Depending on your unique needs, the total moving costs can vary. However, some common expenses to prepare for include. 

• Professional movers 
• Storage
• Packing supplies
• Transportation costs (if moving from out of town)

Selling With Smith Proulx

Looking to enjoy a smooth, low-stress home sale? You’ll want to partner with an experienced real estate team that understands West Toronto best. 

At Smith Proulx Real Estate, we’ve been selling homes in the West End for decades. In our years of experience, we’ve seen every type of market fluctuation and industry change. Our dynamic selling strategies protect you from adversity and can help you get a great return in any type of market. 

Looking for a real estate team that can guide you to the best possible result in your home sale? The Smith Proulx Team can help. Send us an email or call 416-769-6050 to get started.

Freehold Homes

(detached, semi-detached and attached)

Toronto house prices have fallen by about 14% since May, very similar to what happened last summer. Last fall, prices remained flat through the rest of the year and didn’t start to recover until February. This year, we can hope for prices to bounce back in the fall for a couple of reasons:

1. Interest rates were increasing rapidly last year, and it was far from clear that the fall in house prices was over. It took several months of stable prices to convince buyers the correction was over and to return in force to the market. This year, while we may yet see higher interest rates, we are almost certainly near the top.
2. The inflation rate is much lower than last year. There is a lot of optimism that the battle against inflation can be won without a severe recession.
3. The demand for housing is huge, simply because immigration is adding people more quickly than we are building housing to accommodate them. This situation is unlikely to improve any time soon, and will both buffer any fall in prices and boost any increases.

Buying a home with raising kids in mind? You may find these blog posts helpful. 

• Best West Toronto Communities for Kids
• Can you Raise a Family in a Condo?
• What to Look for in a Family Neighbourhood

Condominium Apartments

Prices for condominium apartments in Toronto have followed a similar trend as for houses. After peaking in May, condo prices have fallen by about 7%. As for houses, it’s likely that prices will improve in the fall, though any bounce will probably be muted.

Buying a home for the first time? You’ll want to check out these related blog posts.

• Why You Should Buy Instead of Renting
• Incentives & Tax Breaks First-Time Buyers Should Know About
• Should I Buy A Multi-Family Home in Toronto?

Inventory Levels

The inventory of both homes and condos for sale increased sharply in July. This is consistent with the falling prices, and the elevated inventory levels are most likely continuing in August. If prices bounce back over the next 2-3 months, this should coincide with a fall in inventories.

Bottom Line

Prices have fallen steeply over the summer. We’ll know within the next 2-3 weeks whether they will bounce back in the fall as we expect.

Looking to buy a home this fall? As West Toronto real estate agents with decades of experience, we can help you accomplish your dreams! Click here to send us an email or call 416-769-6050.

When it comes to buying a home, there are a lot of important decisions to be made – especially if you’re looking for a place where you can lay down roots. If you’re looking for the right home to raise your family, choosing a great neighbourhood is crucial. 

Luckily, West Toronto is a treasure trove of family-friendly communities, each offering a unique blend of homes, amenities, schools, nature, and culture. 

In this blog, we’ll go over our top picks for West Toronto neighbourhoods that families love. 

Want to know more about what makes a great family neighbourhood in Toronto? We wrote a full blog post on the subject! Click here to read it. 

Bloor West Village

At a Glance

Bloor West Village, known for its cozy charm and friendly atmosphere, offers families a blend of urban convenience and a close-knit community vibe. This neighbourhood is home to plenty of locally-owned shops, cafes, and restaurants that cater to both adults and youngsters. Parents can enjoy a leisurely coffee while kids indulge in delicious pastries or explore unique toy stores that fuel their imagination.

Schools & Education

Runnymede Junior and Senior Public School and Western Technical-Commercial School are among the educational institutions that provide a solid foundation for children’s growth. Both schools are celebrated for their enriching extracurricular programs. 

Buying a home with raising kids in mind? You may find these blog posts helpful. 

• Can you Raise a Family in a Condo?
• What to Look for in a Family Neighbourhood
• How to Build a Nursery That Doesn’t Break the Bank

Old Mill

At a Glance

Nestled along the banks of the Humber River, Old Mill is a quaint and historic neighbourhood that effortlessly blends the past with the present. Families will find themselves enchanted by the scenic beauty of the area, complete with walking trails, lush parks, and charming streetscapes. 

The neighbourhood is right next door to King’s Mill Park and the Humber River Valley – offering plenty of opportunities to enjoy the great outdoors. The Old Mill also boasts cultural landmarks such as the historic Old Mill Inn & Spa, which offers a glimpse into the area’s past while serving as a relaxing retreat for parents.

Schools & Education

Old Mill families have access to a wide range of educational opportunities. The nearby Humbercrest Public School is renowned for its nurturing environment and commitment to academic excellence. For those seeking a private education, Kingsway College School provides a rigorous curriculum in a supportive setting.

High Park

At a Glance

While there are plenty of things to do in the area, High Park’s crown jewel is undoubtedly the 400-acre park from which the community takes its name. This sprawling outdoor space provides the perfect setting for children to explore and learn about the wonders of the outdoors. 

Within the park, Jamie Bell Adventure Playground is a must-visit for kids, featuring unique play structures, climbing walls, and even a mini-zoo nearby! Throughout the year, families can enjoy seasonal activities like cherry blossom viewings in the spring and pumpkin parades in the fall.

Schools & Education

High Park has an abundance of great schools. Located in nearby Bloor West Village, Western-Technical Commercial School is a well-regarded public high school with a strong academic reputation. For younger kids, Keele Street Public School offers Kindergarten to Grade 8 programs. 

Buying a home for the first time? You’ll want to check out these related blog posts.

• Why You Should Buy Instead of Renting
• Incentives & Tax Breaks First-Time Buyers Should Know About
• Should I Buy A Multi-Family Home in Toronto?

The Kingsway

At a Glance

The Kingsway is a great option for families seeking a well-balanced neighbourhood with an upscale atmosphere. With high-end homes, boutique shopping, and beautiful parks, The Kingsway is a refined and close-knit residential community. 

Schools & Education

Like the other neighbourhoods on this list, The Kingsway is home to a handful of great schools that cater to a wide range of grades and age ranges. For families seeking private education, Kingsway Montessori School is an esteemed educational institution focused on nurturing children’s academic and personal growth. Alternatively, Lambton-Kingsway Junior Middle School is a great public school found within the neighbourhood. 

Ready to find the perfect home for your family? As West Toronto real estate agents with decades of experience, we can help you accomplish your dreams! Click here to send us an email or call 416-769-6050.