Are you looking at homes for sale in York Mills, Toronto, but are unsure about the current real estate market and wondering what is next? Knowing how the York Mills real estate market is performing can help determine timing and pricing. Read on to learn the market’s current state and what is likely to happen in the rest of 2023 and into 2024.
The real estate market in York Mills
One of the Toronto area’s most affluent and desirable neighbourhoods, York Mills homes for sale bring in a great price. The median price of homes in York Mills in the second quarter of 2023 was $2,740,000, and homes spent an average of 25 days on the market before being snatched up by a buyer. This means homes in York Mills sell for more than twice the median price across Toronto as a whole, which is $1,118,374. Just like in York Mills specifically, the number of days on the market for Toronto was around 24, representing a 17% decrease in time on the market over the past year. This indicates that buyers are excited about purchasing real estate in Toronto, and the market correction of the past few years hasn’t stemmed the flow of investors.
Increased demand globally
There continues to be increased buyer demand across the nation and globally. Since 2007, home prices in the York Mills, Toronto, area have risen steadily by more than 50%. Though there have been certain dips in home prices depending on the local economic conditions, the York Mills neighbourhood has usually outperformed many other parts of the Greater Toronto Area. One reason is the thriving economy and job market in this area. With an unemployment rate of only 4.4%, below the average for the Greater Toronto Area, York Mills has a thriving job market that attracts many professionals.
Besides the thriving job market and economy, the neighbourhood remains one of the most desirable cities for many people to relocate to. With endless upscale shops, diverse fine dining options, and exciting recreational activities, there is much to do in York Mills, Toronto.
From shopping at the Yorkdale Shopping Centre to browsing an extensive collection of perennials at Edwards Gardens, people love York Mills for its excellent balance of artsy urban life interwoven with the picturesque landscape. Further, the schools in York Mills, Toronto, are highly-rated, with students scoring 32% higher than the national average. With many desirable attributes in this neighbourhood, people will continue relocating to this community, ultimately driving prices up for detached homes and condos well into 2023.
What’s next for buyers?
This might be the right time to consider buying or investing in a property. With home prices slowing down, many buyers are given the optimal opportunity to invest in real estate before the market changes again. With more homes for sale in York Mills, Toronto, available with less competition, luxury home buyers will have more time to choose a home that aligns with all their must-haves and non-negotiables. Trends suggest that it is likely that the real estate market might eventually shift in a hotter direction, which will give more leveraging power to sellers.
What’s next for sellers?
Sellers can have a successful selling experience in York Mills, especially if they invest in hiring a qualified real estate agent.
When listing a home in this area, sellers should carefully curate strategic plans. They need to stage their homes professionally to highlight the home’s best features. In addition, sellers need to work with their real estate agents to create high-quality marketing materials, from single-property websites to targeted email campaigns, to reach the target demographic. Finally, sellers should not underestimate the value of a home inspection, as it is vital in ensuring that the home is up to code and safe to live in; any discovered issues can give buyers more room to negotiate.
Consult a York Mills real estate agent
Whether you are selling your house or buying a new property in York Mills, you need the guidance of an expert real estate agent to help you navigate the market. For buyers, a real estate agent can use the exclusive Multiple Listing Service (MLS) to find a home or an investment property that aligns with your must-haves. As for sellers, working with an agent can be vital, from analyzing the home’s condition and the current market to crafting an effective marketing and staging strategy.
If you’re ready to buy or sell a home in York Mills, schedule a consultation with award-winning real estate broker Katy Torabi. She can provide expert guidance and ensure a smooth real estate transaction, from listing or searching to negotiating a final price.
*Header photo courtesy of Katy Torabi
