Don Mills Neighbourhood Real Estate Update 2012

Sep 23, 2012

Don Mills is a popular family oriented neighbourhood that has a city-suburb feel with big lots, tree-lined streets and open air shopping malls. Convenient transit and access to the highway make this neighbourhood a popular choice for commuters. With so much to offer it is not surprising that Don Mills has a very active real estate market. To date in 2012, 77 houses and 47 condominium units have been sold. Ed Dolatabadi, Sales Representative at Royal Lepage Signature Realty reports that right now: "Don Mills is a balanced strong healthy market. It's definitely is not a sellers’ market the way it used to be a while ago." This may be good news for home buyers looking to get into the market. Maybe now is the time. If history is any indication the demand for Don Mills homes will always be strong.

To date in 2012 the average sale price of a house in Don Mills is $965,000. The average list to sale price ratio is 102% and the average days on the market is just 14 days which reflects the demand for houses in this neighbourhood. What should prospective home buyers know before starting to search for a home in Don Mills ? Dolatabadi offers the followings insights: Don Mills is a fairly large Neighbourhood and each street and pocket has it’s own characteristics. The first feature that comes to my mind is the unique way that Dan Mills is planned. You will notice that most of the streets in this neighbourhood are designed in a way that there is very little or no through traffic and the residents are the only people who are driving on each street, which makes it a quiet and child friendly neighbourhood."

You will be able to find a small number of semi-detached starter homes in this neighbourhood priced from $500,000-$600,000. The detached bungalows on a typical 50-60 foot frontage are selling for between $700,00-$900,000 with the wider ranch-style bungalows on the expansive 70 and 80 ft lots are selling from $900,000 to over $1 million dollars. Thus far in 2012, 17 Don Mills sales have surpassed the $1 million dollar mark and 2 sales have topped the $2 million dollar mark. These high-end sales are newly constructed custom designed homes.

If a house purchase is beyond your budget but you still want to live in Don Mills , you may want to consider purchasing a condominium unit. There is a growing selection of condominium apartments to choose from in this neighbourhood. Dolatabadi explains: "Even though there are not too many condos in this area compared to the other neighbourhoods in North York, there are new projects such as FLAIR that are coming to the market to satisfy the needs of the consumers who love the neighbourhood as well the condo lifestyle." At present condominium units in Don Mills are selling on average for $418,000. The average list to sale price ratio in 2012 has been 99% and the average days on the market is 18 days reflecting a healthy demand for these units. The average 1 bedroom condo in Don Mills currently sells for between $250,000-$400,000. Most of the 2 bedrooms condos are selling for between $400,000-$500,000. There is also a selection of 3 bedroom condo townhomes in the neighbourhood that range in price from $550,000-$850,000.

If you are planning on searching for a home in Don Mills this fall Dolatabadi offers this advice: "The best time to buy or sell is the time that a buyer or seller needs to make a move and Don Mills is not an exception to this. Know what’s important to you when you buy or sell. As much as possible pay attention to details and work with a Realtor who has great knowledge of Don Mills and puts your interest ahead of his/hers."

Don Mills real estate insights provided by Ed Dolatabadi, Sales Representatives, Royal Lepage Signature Realty. Ed can be reached on his cell at Cell - 416-629-9720 or by email: [email protected] The website is: www.torontorealestatemarket.ca