A Changing Market Landscape in Etobicoke
The fourth quarter of 2024 saw notable shifts in the Etobicoke real estate market, driven by a combination of increased inventory, changing buyer behaviour, and economic factors such as interest rate adjustments. As affordability improved due to the Bank of Canada’s rate cuts, more buyers entered the market, leading to a rise in sales activity. However, despite this increase in transactions, prices in some segments experienced downward pressure due to higher inventory levels.
With the real estate market in flux, understanding these trends is key for both buyers and sellers looking to make informed decisions. Below, we’ll analyze the performance of detached homes, semi-detached homes, townhouses, and condominiums in Etobicoke, offering insights and recommendations based on the latest data.
Etobicoke Detached Homes: A Market in Transition
Detached homes in Etobicoke remained in demand throughout Q4 2024, but the increased number of listings gave buyers more negotiating power. As a result, prices varied significantly depending on the neighbourhood.
In High Park-Swansea, detached homes commanded some of the highest prices in the region, averaging $2.3 million. Roncesvalles followed closely behind, with detached properties selling for $2.04 million on average. These neighbourhoods continue to be sought after due to their proximity to transit, parks, and desirable community amenities.
Meanwhile, more affordable detached homes were found in areas like Alderwood and New Toronto, where average prices ranged between $1.06 million and $1.63 million. These neighbourhoods appeal to buyers looking for larger lots and a quieter suburban feel while still being relatively close to downtown Toronto.
The biggest trend affecting the detached home market has been the longer days on market. Homes that would have sold quickly in 2023 took longer to find buyers in Q4 2024, as the supply of listings outpaced demand. For sellers, this means strategic pricing and strong marketing are essential to attract serious buyers.
With the real estate market in flux, understanding these trends is key for both buyers and sellers looking to make informed decisions. Below, we’ll analyze the performance of detached homes, semi-detached homes, townhouses, and condominiums in Etobicoke, offering insights and recommendations based on the latest data.
Etobicoke Semi-Detached and Townhouses: A Middle-Ground Option for Buyers
As affordability continued to be a major concern, semi-detached homes and townhouses remained popular choices for buyers looking for more space without the high price tag of a detached home. Prices in these segments varied based on location and property type.
In Roncesvalles, semi-detached homes sold for an average of $1.69 million, reflecting strong demand in this trendy neighbourhood. The Junction Area saw semi-detached homes averaging $1.3 million, offering a slightly more affordable alternative with similar community appeal.
Townhouses, which provide an attractive option for families seeking space without the maintenance of a detached home, saw strong demand in neighbourhoods like Mimico and Long Branch, where prices averaged $819,000 and $823,000, respectively. With new townhouse developments adding to inventory, buyers had more options, which helped stabilize price growth in this segment.
Looking ahead, semi-detached homes and townhouses will likely remain competitive, especially in walkable neighbourhoods with good transit access. Buyers who act quickly on well-priced properties in these areas can still secure a solid investment, while sellers should be prepared for longer selling timelines compared to previous years.
Etobicoke Condominiums: A Market with Rising Sales but Stable Prices
One of the biggest stories in Q4 2024 was the surge in condominium sales across Toronto West, including Etobicoke. Sales activity increased by 25.5% year-over-year, driven by improved affordability and a shift in renter attitudes. As mortgage rates declined, many renters began considering homeownership, especially as rental prices remained high.
Despite the increase in sales, the average condo price in Toronto West settled at $658,055, marking a 0.7% decline compared to last year’s average price of $653,351. While this may seem like a negative indicator for sellers, the reality is that increased inventory provided buyers with more choices, moderating price growth.
Neighbourhood-specific trends showed that Mimico condos sold for an average of $744,000, reflecting continued demand in this waterfront community. In Islington-City Centre West, condo prices averaged $606,000, offering a more affordable entry point into the market. New Toronto condos sold for around $784,000, maintaining their appeal due to their proximity to parks and the lakeshore.
Looking forward, condo sales are expected to remain strong in 2025 as further interest rate cuts could increase demand. Buyers who are considering entering the condo market may find Q1 and Q2 2025 to be a good time to purchase before prices potentially rise.
Key Insights for Buyers and Sellers
Buyers:
For those looking to enter the Etobicoke market, increased inventory means more choices and better opportunities for negotiation. Detached homes in high-demand areas may still see competitive bidding, but condos and townhouses are offering more flexibility on price and terms. With interest rates expected to drop further in 2025, it may be wise to act sooner rather than later before competition heats up again.
Sellers:
Sellers need to approach the market strategically. Pricing homes competitively is more important than ever, as buyers now have more options. Properties that are priced too high may sit on the market longer than expected. Professional staging and targeted marketing efforts can make a significant difference in attracting serious buyers in a competitive landscape.
What to Expect Moving Forward
As we head into 2025, the Etobicoke real estate market is expected to continue its transition. Interest rate cuts will likely boost buyer confidence, leading to increased demand, particularly in the condo segment. However, inventory levels remain high, meaning sellers will need to be patient and strategic.
If you’re thinking about buying or selling in Etobicoke, having the right guidance is crucial in this evolving market. Contact Etobicoke real estate agent Marco Pedri, Broker with Shoreline Realty Corp., Brokerage, for expert advice tailored to your real estate goals. Whether you’re a first-time buyer, an investor, or a homeowner looking to sell, I’m here to help you navigate the current market with confidence.
