November 14, 2022 | The Annex

The Annex has seen much fewer sales than in past years. As the Toronto buyer becomes more accustomed to the new lending rates and sellers choose to either accept the lower home value realities or postpone the sale of their homes, it leaves the Annex real estate market a little quiet. We have noticed that the private (for sale by owner Annex marketplace) has remained strong. Those in need of fine homes are willing to pay for what they love without any possibility of being in a multiple-offer situation (yes, this still happens from time to despite the great market conditions that favour buyers.)

 

The Annex rarely has many sales, keeping the area in high demand. There were a total of 4 transactions (!) Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.

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Annex Homes Values

There were only 2 sales in the Annex in October 2022. The average home sold for $5,000,000, up substantially from $1,657,500 in October 2021. Note: One deal in particular propped up the overall average. The average list-to-sale price was 90%. There was a 50/50 chance of multiple offers on Annex house listings. The average home was on the market for an unusually high 23 days (proof that the overall Toronto real estate market is slower than historical statistics.)


➤ Check out our top reads for anyone thinking about living in The Annex:


Annex Condo Values

There were only 2 condo sales—the average Annex condo sold for $21,607,640, up from $1,848,500 in October 2021. The average list-to-sale price was 103% (thanks to one bidding war.) There was a 50% chance of multiple offers on house Annex listings. The average Annex condo was on the market for well below the average of 11 days.

Contact us here and read our Annex blogs to learn more about The Annex. 

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