South Etobicoke is growing fast. For buyers looking to buy a home in this part of the GTA, that’s great news! Understandably, many want the best terms and prices they can get. Many are asking if South Etobicoke is a true buyer’s market at the present moment. As interest rate cuts continue and inventory levels across cities in Canada are surging, it doesn’t take a real estate expert to tell you that it is indeed an excellent time to be a buyer.

2024 South Etobicoke Real Estate Statistics

The average home sale price in the City of Toronto and the Greater Toronto Area as a whole is $1.15 million. In Etobicoke South, home prices average $1.22 million with year-over-year growth of 14-18%.

Across Etobicoke, comparing 2024 to 2023, total residential real estate sales are up by 19% but active listings jumped by 71%.

The most growth is being experienced in detached housing.

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Real Estate Inventory Levels Are Up In South Etobicoke

Whether it’s a buyer’s market or not is often indicated by real estate inventory levels.

Inventory in South Etobicoke is up. Presently, there are many homes available in Etobicoke, providing more options for prospective buyers. Older detached homes are particularly abundant and available.

For a savvy buyer, seek out properties with extended listing periods to try and nab the best deal.

Hesitant Buyers Still Waiting To Buy As Listings Increase

Many buyers are still trepidatious about moving ahead with a real estate purchase for several reasons, including increased costs in property insurance, HOA fees, interest rates being what they are, and other factors.

If you are ready to buy a home in Etobicoke, fewer committed buyers cuts down on the competition in an advantageous way and allow you to move quickly on a property you are passionate about purchasing.

Bank Of Canada Cuts Interest Rates

A lowering of interest rates in Canada means an increased number of qualified buyers. Though there is more competition, this also means it’s easier to secure financing and more attractive for a home-buyer to do so.

First-time home-buyers are likely to increase in size as they are most affected by borrowing costs.

The interest rate cuts have also coerced more sellers back into the market, further pushing conditions into a buyer’s market.

Have more questions about buying a home? Check out these blog posts for important guidance.

Sellers Are Adjusting To A Buyer’s Market

If you’re selling a home in Etobicoke, sellers have had no choice but to adjust to these market realities. They have been letting properties go for slightly less than some would prefer, softening prices and conditions in negotiations.

For buyers who are willing to take on a fixer-upper or a dated property, there is even more value-adding potential there.

Take Advantage Of A Buyers’ Market In South Etobicoke

Listings are increasing at a faster rate than homes are being sold. Now’s the opportunity to buy in South Etobicoke. There are all sorts of properties available, from newly listed to those have that extended days on the market, those that have undergone multiple price reductions, and those with perks, such as a flexible closing date. Many sellers are willing to negotiate with buyers to close a sale.

Are you looking to buy a home in South Etobicoke? Reach out to the real estate team of Adrian + Andrea today. Send us an email at  info@adrianandrea.com or call (416) 319-6893 to get in touch.