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August 2022 Real Estate Market Update

August 2022 Real Estate Market Update

Greater Toronto Area home prices stabilized in August, after the month-over-month free fall that began in spring.

The average selling price for all home types was up slightly to $1,079,500, from $1,074,754 in July — an increase of 0.4%.

Year-over-year, prices increased 0.9% from $1,070,201 in August 2021.

Prices of detached and semi-detached homes in the GTA dipped during this timeframe, while townhomes and condominium apartments saw price increases, which were greatest in the 905-region at 3.7% and 6% respectively.

Sales also increased compared to July, though the volume remained below average. Just over 5,600 homes traded hands in August, representing a year-over-year dip of 34.2%, albeit a lesser annual rate of decline compared to the previous four months.

Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead.

Months of inventory is trending down again after increasing since the spring. It was 2.4 months at the end of August, compared to just over 3 months in July.

As more buyers return to the fall market, the lack of inventory may create a more competitive environment than what was originally anticipated.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in August. 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: $1,164,714
Number of Homes Sold: 7
Average Days on Market: 22

In the community of Alderwood, 7 homes sold in August 2022, representing a decrease of 4 properties from the same month last year. The average selling price for homes fell by 19.6% to $1,164,714 in August 2022, from $1,449,145 a year earlier. From July to August of this year, the overall average selling price rose by 10.2%, from $1,057,256. Sales were comprised of two-storey detached homes (2), one-and-a-half storey homes (2), semi-detached homes (2) and bungalows (1) in August 2022. Average days on market increased to 22 days from 21 days year-over-year.

Average home prices for Alderwood for Q2 of 2022 are available here.

Islington-City Centre West
Average Home Price: $1,604,075
Number of Homes Sold: 14
Average Days on Market: 20

In the community of Islington-City Centre West, 14 homes sold in August 2022, representing a decrease of 2 homes from the same month last year. The average selling price for homes fell by 17.6% to $1,604,075 in August 2022, from $1,946,618 a year earlier. From July to August of this year, the overall average selling price dipped by 15.3%, from $1,894,722. Two-storey detached homes (7) accounted for half of all sales in August 2022, followed by bungalows (4). Average days on market increased to 20 days from 11 days year-over-year.

Overall Average Condo Price: $633,479
Total Number of Condos Sold: 29
Average Days on Market: 27

The overall average selling price for condominium apartments in Islington-City Centre West increased by 2.5% to $633,479 in August 2022, from $617,809 a year earlier. From July to August of this year, the overall average selling price fell by 0.9%, from $639,198.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 0.2% to $524,700 in August 2022, from $523,464 in August 2021. Average days on market increased to 34 days from 18 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West fell by 6.2% to $681,940 in August 2022, from $727,228 in August 2021. Average days on market decreased to 17 days from 24 days over the same time period.

Average home prices for Islington-City Centre West for Q2 of 2022 are available here.

Long Branch
Average Home Price: $1,190,500
Number of Homes Sold: 4
Average Days on Market: 19

In the community of Long Branch, 4 homes sold in August 2022, representing no change from the same month last year. The average selling price for homes fell by 20.1% to $1,190,500 in August 2022, from $1,500,750 a year earlier. From July to August of this year, the overall average selling price rose by 17.9%, from $1,010,000. Bungalows (2) accounted for half of all sales in August 2022. Average days on market increased to 19 days from 14 days year-over-year.

Average home prices for Long Branch for Q2 of 2022 are available here.

Mimico
Average Home Price: $1,263,000
Number of Homes Sold: 13
Average Days on Market: 18

In the community of Mimico, 13 homes sold in August 2022, representing an increase of 5 homes over the same month last year. The average selling price for homes fell by 11.9% to $1,263,000 in August 2022, from $1,433,750 a year earlier. From July to August of this year, the overall average selling price rose by 3.2%, from $1,223,722. Three-storey townhomes (6) accounted for nearly half of all sales in August 2022, followed by two-storey detached homes (4). Average days on market increased to 18 days from 11 days year-over-year.

Overall Average Condo Price: $745,663
Total Number of Condos Sold: 40
Average Days on Market: 28

The overall average selling price for condominium apartments in Mimico fell by 0.2% to $745,663 in August 2022, from $747,075 a year earlier. From July to August of this year, the overall average selling price decreased by 1.7%, from $758,198.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 9.5% to $593,955 in August 2022, from $542,620 in August 2021. Average days on market decreased to 21 days from 23 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 10.3% to $808,857 in August 2022, from $733,319 in August 2021. Average days on market remained unchanged year-over-year at 23 days.

Average home prices for Mimico for Q2 of 2022 are available here.

New Toronto
Average Home Price: $1,125,000
Number of Homes Sold: 5
Average Days on Market: 18

In the community of New Toronto, 5 homes sold in August 2022, representing a decrease of 4 homes from the same month last year. The average selling price for homes fell by 31.3% to $1,125,000 in August 2022, from $1,636,989 a year earlier. From July to August of this year, the overall average selling price rose by 4.3%, from $1,078,700. Average days on market decreased to 18 days from 26 days year-over-year.

Average home prices for New Toronto for Q2 of 2022 are available here.

Stonegate-Queensway
Average Home Price: $1,394,000
Number of Homes Sold: 10
Average Days on Market: 22

In the community of Stonegate-Queensway, 10 homes sold in August 2022, representing a decrease of 8 homes over the same month last year. The average selling price for homes fell by 18% to $1,394,000 in August 2022, from $1,700,921 a year earlier. From July to August of this year, the overall average selling price declined by 30.2%, from $1,996,468. Bungalows (4) accounted for nearly half of all sales in August 2022, followed by two-storey detached homes (3). Average days on market increased to 22 days from 10 days year-over-year.

Average home prices for Stonegate-Queensway for Q2 of 2022 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.