I’ve said it before, and I’ll say it again. The best time to buy a house in Toronto is when you need to buy a house.
There’s no magic trick and trying to time your purchase with a market lull often means that you end up with a house you don’t love.
This is especially true in West Toronto, where house values consistently rise, even in short market lulls. The only way to beat the market is to buy a house and hold on to it.
With that being said, this is a good time to be buying (and we can help!). If you need a house anyways, consider yourself lucky that your timing is great. If you’ve been waiting for your moment to jump it, this is it.
After a frantic and early spring market, the dust is settling. Prices are high and listings are still low, but the pressure is easing. Houses are selling for more predictable prices, and some houses are selling for less than we expect. This is driven by a few factors, the federal budget that takes aim at a lot of housing-related issues, rising interest rates, rising cost of living, and buyer fatigue.
If you’re a buyer looking for a house in West Toronto, here’s your step-by-step guide
- Hire a hyper-local agent: (Hi!) who knows the area and knows the houses inside and out. A good agent should be able to tell you about all the houses currently on the market because they have physically walked through them. They should also have some knowledge of coming soon listings. A local agent can advise you on house value and base that value on recently-sold comparables. And, a local agent should know school districts really well. Our team has made west Toronto our home for as long as we’ve been in this game.
- See as many houses as possible: We call this window shopping, and we highly encourage it. The idea here is that if you are able to see as many houses as possible, you’ll start to become very precise about what you do and do not like in a house. When you do find the house of your dreams, you’ll have a much easier time making an offer quickly, because you’ll feel confident in your decision.
- Offer quickly: Time is of the essence. When you view a house that you like, you should offer that night. Bully offers are the name of the game in this market, even though the pressure is off.
- Know your neighbourhood: there are a lot of neighbourhoods in West Toronto and they all have their own flare, community, price point, housing type and school districts. Two million will go far in the Junction but it’ll get you a starter home in Roncesvalles, for example. If you want a Victorian home, go to Roncesvalles or the Junction. If you want an Edwardian-style home, Bloor-West is your jam. If you want more space than you know what to do with and dark wood trim for days, High Park is where you’ll want to be.
➤ Ready to see homes for sale around West Toronto? Here are our most popular neighbourhoods:
- See Homes for Sale in Baby Point
- See Homes for Sale in Bloor West Village
- See Homes for Sale in High Park
- See Homes for Sale in Parkdale
- See Homes for Sale in Roncesvalles
The best way to start shopping for a house is to jump in and start. Give us a call!
As always, be safe. — Robyn Vander Vennen
