Mimico & New Toronto Market Update for March 2022
Welcome to your Mimico and New Toronto Market Update for March 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 September 1 – February 28, 2022.
As we move into the third month of 2022, we are starting to see a slight shift in inventory of homes for sale. Currently there are more homes for sale in Mimico. There were a total of 73 homes sold in Mimico in the last 6 months with an average days on market to sell a home of 13 which has been consistent from the month before. 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 average sold price in Mimico has increased slightly to $1,462,611.
In the New Toronto neighbourhood, there are also only 6 homes currently for sale which shows still a very low inventory of homes. The average days on market it is taking to sell a house in New Toronto is 10 which is slightly faster than last month. Demand for homes is slightly higher in New Toronto.
Interestingly the average sold price in New Toronto has decreased to $1,381,836.
If you are looking to buy a home in Mimico or New Toronto this might be the perfect time for you. We are moving into a more balanced spring market and I am optimistic for those of you who have not been able to buy a house yet. There is more inventory coming out onto the market on a daily basis and although we are still seeing multiple offers we are seeing less of them. That means there are more opportunities for buyers out there. If you have been thinking of making your move this might be a good time for you.
Interest Rates on the Rise
On March 2, 2022, the Bank of Canada raised its key interest rate for the first time since the start of the pandemic. The central bank increased its key rate by 0.25% to 0.5%. The general belief is that this is the first of several rate increases to take place in 2022. There are six more Bank of Canada interest rate announcements scheduled in 2022, the next one will take place on April 13.
“Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs,” said Kevin Crigger, TRREB President and real estate broker from Johnston & Daniel, a Division of Royal LePage Real Estate Services Ltd.
The month of February certainly was a hot month with prices soaring in the GTA. If we want to move towards a more balanced market, rising interest rates are only part of the equation. Seeing more inventory is also a step in the right direction!
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.