April 2020 Real Estate Market Update

Though home sales were hammered by restrictive measures on personal movement, prices remained steady during the first full month of spring.

Greater Toronto Area (GTA) sales and new listings dropped 67% and 64%, respectively, year-over-year for all property types, the largest declines on record. But due to continuing demand on the region’s already low inventory, prices remained relatively consistent with those in April 2019, rising 0.1% to just over $821,000.

In Toronto proper, the average selling price declined 2.5%, to $881,424 in April 2020, from $904,199 in April 2019. Semi-detached homes and townhouses experienced annual average price growth above the rate of inflation; however, the condominium apartment and detached home markets didn’t fare as well. Both suffered year-over-year price declines. The average cost of a detached home dropped 7.8% to just under $1.25 million, while the average cost of a condo unit declined 4% to $612,300.

Overall, while the onset of the novel coronavirus and the associated social distancing and economic impacts have shifted market conditions and resulted in average selling prices coming off their March peak, there has continued to be enough active buyers relative to available listings to keep them in line with last year’s levels.

Despite the continued strength of Toronto property prices, COVID-19 has impacted days on market and months of inventory (or supply) across the region. Days on market increased from 13 to 24 days from March to April, indicating homes are taking longer to move. Months of inventory at the end of April was 3.5. This is the highest it has been since 2017, indicating there are greater opportunities for homebuyers.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in April. If you live in or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $983,891
Number of Homes Sold: 7
Average Days on Market: 8

In the community of Alderwood, 7 homes sold in April 2020, representing a decrease of 5 homes over the same month last year. The average selling price for homes increased 5.5% to $983,891 in April 2020, from $932,418 a year earlier. Bungalows accounted for more than half of all sales (4) in April 2020, followed by semi-detached homes (3). Average days on market decreased to 8 days from 20 days year-over-year.

Average home prices for Alderwood for Q1 2020 are available here.

Islington-City Centre West
Average Home Price: $1,228,444
Number of Homes Sold: 9
Average Days on Market: 16

In the community of Islington-City Centre West, 9 homes sold in April 2020, representing a decrease of 9 homes over the same month last year. The average selling price for homes declined by 7.6% to $1,228,444 in April 2020, from $1,329,038 a year earlier. This percentage change may be attributed to fewer sales of higher end homes. Combined, detached two-storey homes and bungalows accounted for more than half of sales (5) in April 2020. Average days on market decreased to 16 days from 24 days year-over-year.

Overall Average Condo Price: $596,000
Total Number of Condos Sold: 14
Average Days on Market: 19

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 32.1% to $557,500 in April 2020, from $422,157 in April 2019. Average days on market increased to 19 days from 11 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 8.4% to $659,500 in April 2020, from $608,645 in April 2019. Average days on market increased to 22 days from 16 days over the same time period.

Average home and condo apartment prices for Islington-City Centre West for Q1 2020 are available here.

Long Branch
Average Home Price: $1,510,000
Number of Homes Sold: 1
Average Days on Market: 3

In the community of Long Branch, only 1 home sold in April 2020 after 3 days on market. Because of the single sale, the difference in average selling price and days on market year-over-year may not provide a clear representation of changes in market conditions. Last year, in April 2019, 10 homes sold, with an average selling price of $997,325. Average days on market was 12 days.

Average home prices for Long Branch for Q1 2020 are available here.

Mimico
Average Home Price: $998,317
Number of Homes Sold: 6
Average Days on Market: 23

In the community of Mimico, 6 homes sold in April 2020, representing a decrease of 5 homes over the same month last year. The average selling price for homes declined 7.1% to $998,317 in April 2020, from $1,074,182 a year earlier. This percentage change may be attributed to sales of more affordable homes. Detached two-storey homes accounted for half of all sales (3), followed by bungalows (2) in April 2020. Average days on market remained constant at 23 days year-over-year.

Overall Average Condo Price: $651,575
Total Number of Condos Sold: 24
Average Days on Market: 19

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 13.8% to $552,133 in April 2020, from $485,337 in April 2019. Average days on market decreased to 20 days from 21 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 18% to $792,500 in April 2020, from $671,728 in April 2019. This percentage change may be attributed, in part, to sales of primarily larger condo apartment units. Average days on market decreased to 6 days from 48 days over the same time period.

Average home and condo apartment prices for Mimico for Q1 2020 are available here.

New Toronto
Average Home Price: $1,087,500
Number of Homes Sold: 2
Average Days on Market: 11

In the community of New Toronto, 2 homes sold in April 2020, representing a decrease of 5 homes over the same month last year. The average selling price for homes rose 18.5% to $1,087,500 in April 2020, from $918,063 a year earlier. However, this increase may not provide a clear representation of changes in market conditions given the limited number of sales. Average days on market increased to 11 days from 9 days year-over-year.

Average home prices for New Toronto for Q1 2020 are available here.

Stonegate-Queensway
Average Home Price: $1,064,250
Number of Homes Sold: 4
Average Days on Market: 19

In the community of Stonegate-Queensway, 4 homes sold in April 2020, representing a decrease of 15 homes over the same month last year. The average selling price for homes declined 21.1% to $1,064,250 in April 2020, from $1,349,416 a year earlier. This percentage change may be attributed to fewer sales of higher end homes. Average days on market increased to 19 days from 10 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 2020 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.