New Toronto and Mimico Real Estate Update February 2023
Welcome to your New Toronto and Mimico Real Estate Update February 2023.
It is February 2023 already! 1 month down in 2023. Read on to find out how the market performed in the last 6 months. What does the first month of the year say about what is to come this year in this month’s edition of the New Toronto and Mimico Real Estate Update February 2023.
Let’s take a look at the sold data for freehold home types from August 1st, 2022 to January 31st, 2023.
New Toronto
There were 32 freehold homes sold in New Toronto in the last 6 months which is 3 homes less than the previous 6 months. Overall it is not a lot!
There are only 11 homes currently for sale which is 1 less than the previous 6 months. It is taking approximately 31 days for a home to sell in New Toronto.
The average selling price was $1,327,858 which has increased and is 94.75% of the list to sales price ratio which did decrease slightly. This just means houses are selling close to the asking price which is not too bad.
Mimico
There were 48 freehold homes sold in Mimico in the last 6 months which is 6 houses less than the previous 6 months.
There are 21 homes currently for sale in Mimico which is a slight increase of 3 homes more than the previous 6 months. It is taking approximately 21 days for a home to sell, which is 1 day longer than the previous 6 months.
The average selling price was $1,223,479 which is lower than in New Toronto and slightly less than the previous 6 month in Mimico.
The list to sales price ratio is also slightly lower at 95.81% but overall homes are still selling pretty close to their asking price in Mimico.
Thinking of Buying in New Toronto or Mimico?
What does this mean for you if you are looking to buy a home in New Toronto or Mimico?
Currently there is 5.5 Months of Inventory in New Toronto which tells us we are actually in a balanced market there. Even though there is low inventory.
In Mimico there is 7 Months of Inventory which is actually a Buyer’s Market in that area.
There are only 11 freehold homes for sale in New Toronto and 21 in Mimico. Homes in New Toronto are taking about 31 days to sell and 21 days in Mimico.
If you are a buyer you do have time to view a home, make an offer and negotiate. This is a good time to buy a home that may have been sitting on the market for a little while now.
There are opportunities in both markets for buyers.
What does this mean for you if you are looking to sell your home in New Toronto or Mimico? You don’t have much competition in terms of other houses on the market for sale. Homes are generally taking a little longer to sell so, your pricing strategy is really the key to getting your home sold quicker and for more money. The other thing you need to do is be on top of what is currently happening with the real estate market in these neighbourhoods. The market is continually changing on a daily basis.
When you are getting your home ready for sale you need to prepare it to show at it’s best. Highlight the key features that attracted you to your home and take care of repairs and updates before you list your home for sale.
With my signature selling system, I can help you focus on the right updates and show you where to best spend your time and energy. If that is not something you would like to do I even have people to connect you with to help take care of everything!
Looking to sell?
As always if you have any questions about New Toronto, Mimico or any other Etobicoke neighbourhood please let me know.
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