Roncesvalles is one of the best neighbourhoods in the city. It is beautiful, charming, and convenient. If you live there, you know that it feels like a small town. You get to know your neighbours, and it is full of local businesses. It is a great neighbourhood to raise a family in and is also very close to downtown Toronto.
For these reasons, Roncesvalles has been practically unattainable for most buyers as the prices continue to rise. For the last ten years, the values in Roncesvalles have climbed steeply. Anyone who has attempted to buy a house in Roncesvalles knows this. Even if you have enough money, homes in this area sell so quickly that you need more than money. You need good timing and a real estate agent with the inside scoop. But! Oh, how things have changed.
Ready to find your West Toronto dream home? Explore our current listings in Roncesvalles here.
A New Market
Buyers, this is your chance to buy in Roncesvalles. The Toronto market has become a buyer’s market. Here’s how to maximize this opportunity:
You still need to move quickly: Houses aren’t selling in a few hours anymore (or before they even hit the market), but they aren’t exactly sitting around either. If you find a house you like, you should offer on it promptly.
For example, a home in Roncesvalles recently sat on the market for two weeks and suddenly got four offers. Buyers are taking their time to think about their purchases, but when one buyer submits a bid, it forces the other interested buyers to offer. Therefore, the less time the house is on the market, the more likely you’ll be able to negotiate for it.
Be Ready
Bank Drafts: Sellers are very concerned right now about deals falling apart. Now more than ever, make sure you have a bank draft with your offer to demonstrate to the seller that you will not walk away from the deal.
Local agent: Make sure you work with a local agent. Like most neighbourhoods in this city, the value of a house varies significantly from street to street. This is especially true when prices are down everywhere, but sellers still hope their homes will sell for April prices.
Buy a house that needs work: Renovated homes are still selling quickly in this market because prospective buyers are scared off by the high costs of renovations. Places that need work are sitting longer and selling for a larger discount. Therefore, if you can buy a liveable house and renovate it slowly over time, you will get a great deal on a solid Roncesvalles home.
Due Diligence: Take some time to do your due diligence when buying in Roncesvalles. The homes in this area are around 100 years old and often have similar issues. Look out for Knob and tube wiring, cast iron waste plumbing, clay drains, asbestos insulation around ductwork, and damp basements. These are common issues in old Roncesvalles homes, and you should know what you’re getting into before making a purchase.
Want to learn more about life in Roncy? Check out these local highlights from our blog.
Above all, enjoy! This is a fun time to be in the market for a new house.
Robyn VanderVennen
The Kim Kehoe Team
