Mimico & New Toronto Market Update for April 2022
Welcome to your Mimico and New Toronto Market Update for April 2022. Are you wondering how the real estate market is performing in Mimico and New Toronto?
Let’s take a look at the sold data for freehold home types from October 1 – March 31, 2022.
As we move into the fourth month of 2022, we are still experiencing low inventory of homes for sale. There were a total of 77 homes sold in Mimico in the last 6 months with an average days on market to sell a home of 14 which is 1 day longer than the previous month. If you missed that market update, you can view it here.
It is very interesting to note the differences in the 2 different neighbourhoods in the last six months. The median sales price in Mimico has increased to $1,405,000.
In the New Toronto neighbourhood, there are also only 6 homes currently for sale which is still very low. There were only 45 houses sold in the last 6 months. The demand for homes is still high in New Toronto. The average days on market it is taking to sell a house in New Toronto is 14 so a little longer than last month interestingly.
The median sold price in New Toronto has increased to $1,400,000 in line with Mimico.
If you are looking to buy a home in Mimico or New Toronto this might be the perfect time for you. Even with low inventory we are heading into the spring market where typically we will start to see more houses come out for sale. I am optimistic for those of you who have not been able to buy a house yet that your house will be for sale soon! I am still seeing multiple offers on homes but I am seeing less offers sometimes on some houses. Every situation is different and it really is all about what the list price is for the home. If it is priced at market value it will attract a reasonable amount of buyers. If it is priced well below market value there will be much more activity and buyers making offers which can push that price up to market value or even slightly higher. Please speak to me to find out more information about how this works and how we can get a strategy for you to buy your next home.
Overall both Mimico and New Toronto continue to be very strong Seller’s markets. If you are thinking about selling your home in New Toronto or Mimico I would recommend taking advantage of my 3 Part Signature Selling System to set you up for success. Contact me for more information.
For more information on market updates in Mimico and New Toronto please check back again next month. As always I welcome any questions you have about these fabulous etobicoke neighbourhoods or feel free to schedule a time with me here to discuss buying or selling.