August 2019 Real Estate Market Update
Toronto-area home sales were up 13.4% in August, compared with the same period last year.
The number of properties sold increased to 7,711 from 6,797.
From July to August, however, there were fewer sales but this is typical for the time of year. After preliminary seasonal adjustment, sales increased 0.8% on a month-over-month basis.
The average selling price was also up by 0.2% over July 2019.
Average days on the market rose, too, from 23 days in July to 25 days in August.
As for home prices, they’re up year-over-year, primarily because sales have increased while new listings have receded.
There were 11,789 new listings in the Greater Toronto Area (GTA) during the month, down 3% from 12,158 in August 2018. The total number of active listings at the end of August was also down 11.2% from a year ago.
The overall average selling price in the GTA was up 3.6% to $792,611 in August 2019, from $765,252 in August 2018.
The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density lowrise home types and finally detached houses.
These numbers indicate healthy growth in the real estate market. Right now, the overall pace is moderate. But if demand for ownership housing continues to increase relative to the supply of listings, the annual rate of price growth will accelerate further.
The average months of inventory (or supply) remained steady from July to August. Based on Toronto Real Estate Board statistics, there’s currently 2.1 months of inventory indicating the city is still in a seller’s market.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in August.
Alderwood
Average Home Price: $1,001,000
Number of Homes Sold: 6
Average Days on Market: 13
The overall average selling price for homes in Alderwood increased 8.8%, to $1,001,000 in August 2019, from $920,000 in August 2018. Average days on market has decreased from 19 to 13 days over the same time period.
Islington-City Centre West
Average Home Price: $1,130,000
Number of Homes Sold: 13
Average Days on Market: 20
The overall average selling price for homes in Islington-City Centre West increased 5.6%, to $1,130,000 in August 2019, from $1,070,500 in August 2018. Average days on market has remained relatively constant.
Average Condo Price: $494,995
Number of Condos Sold: 50
Average Days on Market: 10
The overall average selling price for condominium apartments in Islington-City Centre West has increased 8.6% to $494,995 in August 2019, from $456,000 in August 2018. Average days on market has decreased from 13 to 10 days over the same time period.
Long Branch
Average Home Price: $1,350,000
Number of Homes Sold: 7
Average Days on Market: 26
The overall average selling price for homes in Long Branch increased 44.4% to $1,350,000 in August 2019, from $935,000 in August 2018. This substantial increase reflects more expensive home types sold this August, to bring the average up. Average days on market has remained constant.
Mimico
Average Home Price: $940,000
Number of Homes Sold: 13
Average Days on Market: 17
The overall average selling price for homes in Mimico increased 4.7% to $940,000 in August 2019, from $897,500 in August 2018. Average days on market has increased from 10 to 17 days over the same time period.
Average Condo Price: $620,000
Number of Condos Sold: 75
Average Days on Market: 16
The overall average selling price for condominium apartments in Mimico increased 19.2% to $620,000 in August 2019, from $520,000 in August 2018. Average days on market has decreased from 20 to 16 days over the same time period.
New Toronto
Average Home Price: $731,500
Number of Homes Sold: 4
Average Days on Market: 12
The overall average selling price for homes in New Toronto has decreased 14.4% to $731,500 in August 2019, from $855,000 in August 2018. Average days on market has increased from 8 to 12 days over the same time period.
Stonegate-Queensway
Average Home Price: $1,400,000
Number of Homes Sold: 15
Average Days on Market: 30
The overall average selling price for homes in Stonegate-Queensway increased 34.6% to $1,400,000 in August 2019, from $1,040,000 in August 2018. Average days on market has increased from 18 to 30 days over the same time period.
Average home/condo prices and days on market for Etobicoke communities are median statistics for August 2019.
