By Sean Delaney
For Remax Premiere Sales Agent Mike Verrelli, Emery Village is transitioning and represents an excellent opportunity for buyers and sellers.
“A lot of the area in Emery Village has been long time ownership and now we’re seeing a lot of turnover with that ownership,” Verrelli said. “The old homes built for war veterans are getting knocked down, and we’re seeing some nice, beautiful new homes being built. We’re in a transition phase, but I still think there is a great opportunity for people to get into the Emery Village area. It’s a matter of where people live and their real estate aspirations.”
Verrelli said it is known today that there isn’t as much supply on the market as there was, but when a home is priced well, it is still moving very quickly. So, for buyers and sellers, he said, opportunity remains. If buying is your intention, perhaps wait for a few months of 2024 to go by, get some figures on present sales, and work with a realtor to set your price, he said. If you are intent on selling, however, he said prices will hold steady in Emery, and again, in consultation with an experienced agent, one should feel comfortable entering the market soon.
“I feel like supply will pick up in the spring. The spring market is always the busiest. I know that once spring comes, many more listings will come out, so it will be busy. It’s just a matter of where things are at in the market. I think prices will hold fairly steady in the Emery area.”
Consumer confidence is number one, Verrelli said. When consumers don’t feel confident, they don’t spend money. But if consumers feel some stability, they will get off the fence and start to purchase again.
“I’m getting calls from people, including the general public, and they want to buy again, but they are worried about rates and where they’re going to go,” Verrelli said. “It’s highly unpredictable, but if you watch the news, it does feel like they are stabilizing, and potentially, there may even be a rate drop at some point this year.”
Verrelli said it’s tough to predict what will happen, but there are options if people look at a plan and what they want to achieve. For first-time buyers, condo prices have depressed, so it may be good to look at that market. Some purchase with a family member or group; they may be willing to live with an aunt and an uncle for a bit and build their nest egg. Consumers are trying to be creative with how they buy, as it can be difficult.
“You have to start somewhere and build from there,” Verrelli said.
In Emery Village, he said the Humberlea Park, Downsview Road, or even York University areas are still attracting buyers, and Humber Summit with the Finch LRT going in is in demand as well.
“People are flocking to that area because of the LRT,” he said. “So, price points are reasonable for the first-time buyer to get in. With staples like the LRT, prices tend to react. It’s about those staple things in neighborhoods, parks, bike trails, walking trails, schools, and transit; all those types of things hold merit with value in an area. A lot of communities in Emery have those staples. It’s about working with the right realtor and finding the right situation. It can be done.”
ReMax Premier Inc
Direct: 416.464.9007
Offices in Emery on Wilson Ave.