Are Roncesvalles Homes For Sale Holding Value?

October 18, 2022 | Toronto Market

With all the recent news coming out about the Toronto real estate market, it’s no surprise that many buyers and sellers are feeling a little bit unsure about making a move. The most recent Toronto Regional Real Estate Board (TRREB) stats show that home prices are in a slow decline from the peak of the market in February, which has caused some sellers to pull back, and some buyers to decide to wait for the market to fall further.

In fact, we recently published a blog about why it’s actually a bad idea to wait for the bottom of the market. Read more here.

However, it’s important to note that not all Toronto neighbourhoods are seeing a dip in prices. Some are actually seeing price increases!

To make good real estate decisions, we need to consider various factors including the current market conditions, future market conditions, and your unique goals and needs.

Let’s look at Roncesvalles for example, as one of our favourite West Toronto neighbourhoods, Roncy is often high on the list for potential buyers. But are homes in Roncesvalles holding their value? Is it still a good idea to buy a home in Roncy?

Let’s take a closer look.

First, Why is Roncesvalles So Popular?

With a bespoke aesthetic and a tight-knit community, Roncy residents love the fact that their neighbourhood has the appeal, safety, and ambiance of a small town. Homes are located on shady lots with plenty of trees, while the commercial areas are filled with locally-owned boutiques, coffee shops, specialty stores, and more. It’s rare to find a chain store or franchise in Roncesvalles, and homeowners who value “supporting local” are sure to find their people here.

There’s also a great variety of housing types from modern townhouses and condos to Victorian and Edwardian turn-of-the-century homes. The result is a diverse and interesting demographic in a beautiful neighbourhood with a lot to offer!

Learn more about why we love Roncy with these posts:

Is Now a Good Time to Sell a Home in Roncesvalles?

After everything we just said about how amazing Roncy is, you’re likely wondering why someone would want to sell here. All the reasons why people love Roncesvalles are the exact reasons why it’s a great time to sell your home if you live here.

Buyers are flocking to live in a safe and peaceful neighbourhood, but more than that, selling your Roncesvalles home is an excellent economic proposition too.

According to TRREB, the average price for a home in Toronto is $1,086,762 in September 2022. That’s down 4.3% over last year. However, the average home price in Roncesvalles is actually up over last year. TRREB stats show that the average price for a home in Roncy in the second quarter of 2021 was $1,454,053. In the second quarter of 2022, the average price was $1,688,197. This is even up over the previous quarter, which was $1,463,070, making it a great time to sell your home in Roncesvalles from a financial perspective.

Looking for more information on the Toronto real estate market? We have an entire blog category dedicated to it! Read more on our blog here.

Ways to Help Your Home Appreciate in Value

If you’re planning to sell your home in Roncesvalles in the near future, you’ll want to make sure you get the maximum ROI. When we’re in a buyer’s market, getting the highest price might seem like a challenge. However, there are a few things you can do now to ensure your home’s true investment potential has been unlocked.

Here are a few things to consider:

Make sure the home is well-maintained with regular repairs and updates. Homeowner tasks like getting the drains cleaned, replacing HVAC filters, and ensuring appliances are in good working order will help your home hold is value for years to come.
Get involved with community events and homeowner efforts. Knowing the community may help you realize the best time to sell.
If you have lived in your home for a long time, use some of the equity you have built up for renovations. Not all renovations add value to your home, but using equity to fund key renos or restorations could be a smart investment if it improves the value of your home.

Keeping your home in good condition is a great rule of thumb, but how do you prepare it for sale when you’re ready? Check out our blog about preparing your home for sale here.

Should You Buy a Roncesvalles Home For Sale?

If you’re looking for a West Toronto home for sale in a neighbourhood known for its trendy shops, diverse and welcoming community, and beautiful homes, you won’t do much better than Roncesvalles.

However, if you’re looking for a deal, you may want to consider something else. Although prices in Roncesvalles are typically higher than the citywide average, in general, they are holding value better than other Toronto regions. Even more so than neighbouring communities like South Parkdale and High Park-Swansea where the prices have softened between the first and second quarter or 2022. So if you’re motivated by financial factors, Roncesvalles homes for sale could be a good option for you.

Thinking about buying a home in Roncesvalles? Here are some blog posts to help you get started:

Is a Home in Roncesvalles a Sound Investment?

In general, financial experts consider real estate a long-term investment over stocks, because the value of real estate tends to grow slowly rather than fluctuate wildly like the stock market. In most cases, investing in real estate is an excellent idea if you have the means, but even more so in sought-after neighbourhoods like Roncesvalles.

Even if you aren’t a real estate investor in the traditional sense, you are still investing in real estate. After all, even if you love your home right now, you may want to sell it down the line.

So how to tell if your Roncesvalles home is a good investment? Here are a few tips to consider:

The property is on a fair-sized piece of land in a quiet and accessible part of the neighbourhood.
The home is located close to trendy neighbourhood amenities, schools, or new commercial developments coming in the near future.
It’s a single-family home with multiple bedrooms and bathrooms and plenty of storage. Many move-up buyers specifically seek homes with more space!
Condos are also a great investment, in general, since there are often more new buyers looking to enter the market with a “starter” condo or home. Condos or townhouses can also be easily rented out to generate monthly revenue for the owner.
It’s not the fanciest or flashiest house in the area. In some cases, high-end luxury homes appreciate slower than mid-range houses. However, the rate of appreciation is always dependent on other factors such as market conditions.
The home has key upgrades, or you intend to make some key upgrades. A word of warning, not all home upgrades result in a big increase in ROI. It’s best to consult with a real estate agent before planning value-adding renovations.

Whether you’re buying or selling a home in Roncesvalles, working with an experienced local real estate agent is your best strategy for success. Learn more about our services by calling 416-788-1823 or emailing kim@kimkehoe.com today!