April 2023 Real Estate Market Update

The real estate market in the Greater Toronto Area (GTA) is experiencing a surge in demand as buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. However, the demand is not being met due to limited inventory available — new listings were down by 38.3% year-over-year — leading to competition amongst buyers, quicker sales and some properties selling above the asking price. As a result, the average sale price rose by 4% in April, from March, hitting $1,153,269. Looking back to the beginning of the year, the GTA housing market has experienced 11% price growth, with the average sale price up $114,601 from January.

The low levels of inventory are particularly apparent in the detached market, with only 4,536 active listings in April, which is 26% lower than the same month last year. Numerous properties received multiple offers, leading to a significant decline in the average days on the market, to 15 days from 27 days in January.

On a year-over-year basis, though, the average sale price for all home types was down 7.8% or nearly $100,000 compared to April 2022. All market segments were in the red: detached homes by 8.3%, semi-detached homes by 9.8%, townhouses by 3.2% and condominium apartments by 8%.

Looking to the months ahead, if demand for ownership housing continues to outstrip supply, upward pressure on home prices will continue. However, there are potential headwinds on the horizon should homeowners with variable rate mortgages run into trouble keeping up with their payments, which, in some cases, have doubled over the past year. This could lead to an influx of properties entering the market and potentially halt the current trajectory of price appreciation.

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: $1,374,462
Number of Homes Sold: 13
Average Days on Market: 17

In the community of Alderwood, 13 homes sold in April 2023, representing a decrease of 1 home from the same month last year. The average selling price for homes fell by 1.7% to $1,374,462 in April 2023, from $1,398,868 a year earlier. Bungalows (7) accounted for more than half of all sales in April 2023, followed by two-storey detached homes (5). Average days on the market increased to 17 days from 9 days year-over-year.

Average home prices for Alderwood for Q1 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,980,528
Number of Homes Sold: 18
Average Days on Market: 17

In the community of Islington-City Centre West, 18 homes sold in April 2023, representing a decrease of 3 homes from the same month last year. The average selling price for homes fell by 11.8% to $1,980,528 in April 2023, from $2,245,429 a year earlier. Two-storey detached homes (9) accounted for more than half of all sales in April 2023, followed by bungalows (8). Average days on the market decreased to 17 days from 37 days year-over-year.

Overall Average Condo Price: $632,295
Total Number of Condos Sold: 55
Average Days on Market: 25

In the community of Islington-City Centre West, 55 condominium apartments sold in April 2023, representing an increase of 13 units from the same month last year. The overall average selling price for condominium apartments fell by 12.1% to $632,295 in April 2023, from $719,044 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 13.8% to $537,977 in April 2023, from $624,341 in April 2022. Average days on the market increased to 14 days from 7 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments fell by 7.3% to $721,321 in April 2023, from $778,444 in April 2022. Average days on the market increased to 21 days from 8 days over the same time period.

Average home prices for Islington-City Centre West for Q1 of 2023 are available here.

Long Branch
Average Home Price: $1,596,833
Number of Homes Sold: 9
Average Days on Market: 13

In the community of Long Branch, 9 homes sold in April 2023, representing an increase of 1 home from the same month last year. The average selling price for homes rose by 0.5% to $1,596,833 in April 2023, from $1,588,875 in April 2022. Sales were comprised of a variety of home types in April 2023. Average days on the market increased to 13 days from 11 days over the same time period.

Average home prices for Long Branch for Q1 of 2023 are available here.

Mimico
Average Home Price: $1,496,886
Number of Homes Sold: 12
Average Days on Market: 20

In the community of Mimico, 12 homes sold in April 2023, representing a decrease of 3 homes from the same month last year. The average selling price for homes fell by 8.1% to $1,496,886 in April 2023, from $1,628,267 a year earlier. Three-storey townhouses (5) and two-storey detached homes (4) combined accounted for three-quarters of all sales in April 2023. Average days on the market increased to 20 days from 7 days year-over-year.

Overall Average Condo Price: $798,596
Total Number of Condos Sold: 53
Average Days on Market: 18

In the community of Mimico, 53 condominium apartments sold in April 2023, representing a decrease of 33 units from the same month last year. The overall average selling price for condominium apartments fell by 1.2% to $798,596 in April 2023, from $808,374 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 6.2% to $608,417 in April 2023, from $648,635 in April 2022. Average days on the market remained constant at 11 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments fell by 15.2% to $798,182 in April 2023, from $941,741 in April 2022. Average days on the market increased to 18 days from 8 days over the same time period.

Average home prices for Mimico for Q1 of 2023 are available here.

New Toronto
Average Home Price: $1,082,500
Number of Homes Sold: 5
Average Days on Market: 19

In the community of New Toronto, 5 homes sold in April 2023, representing a decrease of 1 home from the same month last year. The average selling price for homes fell by 34.2% to $1,082,500 in April 2023, from $1,646,167 a year earlier. Sales were comprised of a variety of home types in April 2023. Average days on the market increased to 19 days from 7 days year-over-year.

Average home prices for New Toronto for Q1 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,592,389
Number of Homes Sold: 20
Average Days on Market: 13

In the community of Stonegate-Queensway, 20 homes sold in April 2023, representing a decrease of 8 homes over the same month last year. The average selling price for homes fell by 7.7% to $1,592,389 in April 2023, from $1,726,036 a year earlier. Bungalows (9) accounted for nearly half of all sales in April 2023, followed by two-storey detached homes (5). Average days on the market increased to 13 days from 9 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 of 2023 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.