Page 23 - HumberHappenings | Spring 2023

SPRING MARKET UPDATE
ARE HUMBER BAY SHORES CONDOS
IMMUNE TO THE HOUSING MARKET DECLINE?
Community Contibutors
FROM THE ROYAL LEPAGE HUMBER BAY WEST REALTY TEAM
It’s no surprise that condos have been going up left, right and centre along the Humber Bay Shores. Who wouldn’t want to live by the water, have access to parks and trails, be close to the airport and downtown, while experi- encing resort-like living? The demand for the waterfront lifestyle has increased development of condos and amenities and plans for a new Go Sta- tion at Park Lawn and Lake Shore are underway, which means more conve- nient access to transit.
This past year (2022) was the strongest year for Mimico condominium sales and prices. The average one bedroom and one bedroom-plus-den condo sold for $677,211, while the average two bed- room and two-plus den condo sold for
$940,706 in Mimico (TREB neighbour- hood). The beginning of 2023 is off to a strong start with condo prices holding their value. With low inventory and increasing demand for the neighbour- hood, population growth and a housing shortage, interest rate hikes and inflation have yet to have an impact on Mimico condo prices. Mimico’s highly desirable location close to the city centre, with unparalleled views and outdoor ameni- ties, contribute to its perceived immunity to value fluctuations.
“Condos below $700,000 are moving fast! Priced at market value, our sellers are getting the price they want and we are getting their properties sold in less than two weeks, which we haven’t seen since the first quarter of last year,” said Horst
Richter, resident and salesperson with the Humber Bay West Realty Team. “Our waterfront community is more resilient to real estate fluctuations than other markets because people are real- izing that we are living the good life here and you can’t find this lifestyle anywhere else in the city.”
So when is a good time to buy or sell? If you’re a buyer, you want to know if the prices will go down and if you’re a seller, you don’t want to leave money on the table. The reality is, no one can time the market, so the best time is when you are ready. Your decisions will be based on your individual needs and goals, so it’s best to speak with a real estate profes- sional who is an expert in the neighbourhood. HH