August 2020 Real Estate Market Update
Toronto remains a seller’s market as home prices set new records for a third consecutive month.
The average selling price surged more than 20% in August to $951,404, up almost $160,000 from August 2019.
Gains were most substantial in the detached and semi-detached property markets, with the average selling price rising 21.4% and 21.9%, respectively. The average price for a detached home was $1,505,100. Semi-detached homes averaged $1,166,226.
Detached and semi-detached properties also led all home types in sales, up 50% and 65%, respectively, year-over-year.
Although condominium prices rose on an annual basis, they did so to a lesser degree. The average price was $673,174, an increase of 8.7%.
In addition, while condo sales were up, the increase was also more modest at 10%. This is an indicator of a shift in market demand for this housing type, which is reflected in the slower pace of price growth in this segment.
Overall, the unprecedented rise in Toronto home prices is attributable to pent-up buyer demand from spring and a lack of available housing. Months of inventory at the end of August was 1.5, indicating an incredibly strong seller’s market. It was even tighter in the detached and semi-detached home markets at 1.4 and 0.8, respectively. On the flip side, months of inventory in the condo sector has increased year-over-year to 2.8 from 1.5.
Average days on market was 24, down from 36 a year earlier for all home types.
Low borrowing costs coupled with more households choosing to forego vacation as a result of COVID-19 has resulted in a very active housing market this summer. Nearly 11,000 homes changed hands last month, representing an increase of more than 40% over August 2019.
While there’s much speculation about homebuyers with work-from-home options due to the pandemic shopping outside Toronto for properties with more space, the division of sales between the 416 and 905 areas has stayed consistent with August 2019.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in August. If you would like real estate statistics on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
Alderwood
Average Home Price: $1,227,340
Number of Homes Sold: 25
Average Days on Market: 18
In the community of Alderwood, 25 homes sold in August 2020, representing an increase of 19 homes over the same month last year. The average selling price for homes increased 20% to $1,227,340 in August 2020, from $1,022,417 a year earlier. Detached two-storey homes (9) and bungalows (7) combined accounted for nearly two-thirds of all sales in August 2020. Average days on market decreased to 18 days from 19 days year-over-year.
Average home prices for Alderwood for Q2 2020 are available here.
Islington-City Centre West
Average Home Price: $1,468,378
Number of Homes Sold: 22
Average Days on Market: 13
In the community of Islington-City Centre West, 22 homes sold in August 2020, representing an increase of 9 homes over the same month last year. The average selling price for homes increased by 7.1% to $1,468,378 in August 2020, from $1,290,619 a year earlier. Bungalows (8) and detached two-storey homes (7) combined accounted for more than two-thirds of all sales. Average days on market decreased to 13 days from 31 days year-over-year.
Overall Average Condo Price: $567,773
Total Number of Condos Sold: 60
Average Days on Market: 15
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 10% to $487,490 in August 2020, from $442,929 in August 2019. Average days on market increased to 13 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 2.9% to $622,429 in August 2020, from $604,929 in August 2019. Average days on market increased to 22 days from 14 days over the same time period.
Average home and condo apartment prices for Islington-City Centre West for Q2 2020 are available here.
Long Branch
Average Home Price: $1,162,940
Number of Homes Sold: 10
Average Days on Market: 15
In the community of Long Branch, 10 homes sold in August 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes decreased by 19.9% to $1,162,940 in August 2020, from $1,451,429 a year earlier. This significant percentage change may be attributed to more sales of higher end homes in August 2019. Average days on market decreased to 15 days from 28 days year-over-year.
Average home prices for Long Branch for Q2 2020 are available here.
Mimico
Average Home Price: $1,114,833
Number of Homes Sold: 12
Average Days on Market: 10
In the community of Mimico, 12 homes sold in August 2020, representing a decrease of 3 homes over the same month last year. The average selling price for homes increased 4.6% to $1,114,833 in August 2020, from $1,064,273 a year earlier. Sales were fairly evenly split between all home types in August 2020. Average days on market decreased to 10 days from 25 days year-over-year.
Overall Average Condo Price: $682,983
Total Number of Condos Sold: 86
Average Days on Market: 17
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 9.1% to $536,264 in August 2020, from $491,460 in August 2019. Average days on market decreased to 14 days from 22 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 12% to $768,360 in August 2020, from $685,885 in August 2019. Average days on market decreased to 15 days from 23 days over the same time period.
Average home and condo apartment prices for Mimico for Q2 2020 are available here.
New Toronto
Average Home Price: $1,125,692
Number of Homes Sold: 13
Average Days on Market: 5
In the community of New Toronto, 13 homes sold in August 2020, representing an increase of 9 homes over the same month last year. The average selling price for homes increased 52.7% to $1,125,692 in August 2020, from $737,000 a year earlier. This significant percentage change may be attributed to the small number of sales in August 2019, combined with the fact that all were lower end homes. Average days on market decreased to 5 days from 16 days year-over-year.
Average home prices for New Toronto for Q2 2020 are available here.
Stonegate-Queensway
Average Home Price: $1,422,979
Number of Homes Sold: 24
Average Days on Market: 11
In the community of Stonegate-Queensway, 24 homes sold in August 2020, representing an increase of 9 homes over the same month last year. The average selling price for homes decreased 11.7% to $1,422,979 in August 2020, from $1,611,783 a year earlier. This percentage change may be attributed to more sales of higher end homes in August 2019. Average days on market decreased to 11 days from 35 days year-over-year.
Average home prices for Stonegate-Queensway for Q2 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.
