August 2023 Real Estate Market Update

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision-making, and the constrained supply of listings resulted in fewer home sales in August compared to the same month last year.

On the price front, more balanced market conditions compared to the tighter spring market resulted in home values remaining virtually unchanged year-over-year. The average sales price in the Greater Toronto Area (GTA) was $1,082,496.

However, average prices have declined month-over-month since interest rates started to rise again this past June. But in established neighbourhoods, multiple offers and sales above the asking price remain a reality.

Detached homes appear impermeable to further impact of interest rate increases, with average prices ending the last full month of summer 3% higher than August 2022, and on par with July 2023. Detached homes are also selling quickly, on average 19 days.

Interestingly, condominium apartments defied the market trend by showing a 7% increase in sales compared to July. Since August 2022, the average price of a condo in the GTA has dropped by approximately $6,000, and inventories have increased by 20% year-over-year, creating a more optimistic environment for those looking to purchase a condo, particularly first-time buyers.

Turning to the townhouse and semi-detached markets, they closed August with average sales prices of $1,022,680 and $1,067,980, respectively. Townhouse values showed a marginal 1% dip on a monthly basis but remained resilient with a 4% year-over-year increase. In contrast, semi-detached values experienced a 3% monthly decline but posted an impressive 7% year-over-year gain.

Looking forward, the Bank of Canada’s most recent announcement to not raise interest rates combined with the end of a typically slow summer sales period has set the stage for increased buyer competition and upwards pressure on pricing to resume this fall, though the situation remains precarious.

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

Alderwood
Average Home Price: $1,431,167
Number of Homes Sold: 6
Average Days on Market: 13

In the community of Alderwood, 6 homes sold in August 2023, representing a decrease of 1 home from the same month last year. The average selling price for homes rose by 22.9% to $1,431,167 in August 2023, from $1,164,714 a year earlier. Sales were equally split between bungalows (2), semi-detached (2) and two-storey detached (2) homes. Average days on market decreased to 13 days from 22 days year-over-year.

Average home prices for Alderwood for Q2 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,537,889
Number of Homes Sold: 9
Average Days on Market: 18

In the community of Islington-City Centre West, 9 homes sold in August 2023, representing a decrease of 5 homes from the same month last year. The average selling price for homes fell by 4.1% to $1,537,889 in August 2023, from $1,604,075 a year earlier. Bungalows (5) accounted for more than half of all sales, followed by one-and-a-half-storey homes (2). Average days on market decreased to 18 days from 20 days year-over-year.

Overall Average Condo Price: $716,197
Total Number of Condos Sold: 38
Average Days on Market: 23

In the community of Islington-City Centre West, 38 condominium apartments sold in August 2023, representing an increase of 9 units from the same month last year. The overall average selling price rose by 13.1% to $716,197 in August 2023, from $633,479 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 1.7% to $510,750 in August 2023, from $524,700 in August 2022. Average days on market decreased to 18 days from 34 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 5.5% to $719,286 in August 2023, from $681,940 in July 2022. Average days on market increased to 30 days from 17 days over the same time period.

Average home prices for Islington-City Centre West for Q2 of 2023 are available here.

Long Branch
Average Home Price: $1,456,600
Number of Homes Sold: 5
Average Days on Market: 18

In the community of Long Branch, 5 homes sold in August 2023, representing an increase of 1 home from the same month last year. The average selling price for homes rose by 22.4% to $1,456,600 in August 2023, from $1,190,500 a year earlier. Sales were split between bungalows (2), townhouses (2) and two-storey detached homes (1). Average days on market decreased to 18 days from 19 days over the same time period.

Average home prices for Long Branch for Q2 of 2023 are available here.

Mimico
Average Home Price: $1,223,211
Number of Homes Sold: 9
Average Days on Market: 24

In the community of Mimico, 9 homes sold in August 2023, representing a decrease of 4 homes from the same month last year. The average selling price for homes fell by 3.2% to $1,223,211 in August 2023, from $1,263,000 a year earlier. Sales were comprised of townhouses (3), bungalows (2), two-storey detached (2) and semi-detached homes (1), and a multiplex (1). Average days on market increased to 24 days from 18 days year-over-year.

Overall Average Condo Price: $789,083
Total Number of Condos Sold: 60
Average Days on Market: 25

In the community of Mimico, 60 condominium apartments sold in August 2023, representing an increase of 20 units from the same month last year. The overall average selling price rose by 5.8% to $789,083 in August 2023, from $745,663 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments rose by 2.8% to $610,571 in August 2023, from $593,955 in August 2022. Average days on market increased to 30 days from 21 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments fell by 1.2% to $799,154 in August 2023, from $808,857 in August 2022. Average days on market decreased to 17 days from 23 days over the same time period.

Average home prices for Mimico for Q2 of 2023 are available here.

New Toronto
Average Home Price: $1,276,400
Number of Homes Sold: 5
Average Days on Market: 19

In the community of New Toronto, 5 homes sold in August 2023, representing no change from the same month last year. The average selling price for homes rose by 13.5% to $1,276,400 in August 2023, from $1,125,000 a year earlier. Sales were comprised of one-and-a-half-storey homes (2), two-storey detached homes (2) and a triplex (1). Average days on market increased to 19 days from 18 days over the same time period.

Average home prices for New Toronto for Q2 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,446,417
Number of Homes Sold: 12
Average Days on Market: 12

In the community of Stonegate-Queensway, 12 homes sold in August 2023, representing an increase of 2 homes over the same month last year. The average selling price for homes rose by 3.8% to $1,446,417 in August 2023, from $1,394,000 a year earlier. Bungalows (6) accounted for half of all sales, followed by one-and-a-half-storey homes (3). Average days on market decreased to 12 days from 22 days over the same time period.

Average home prices for Stonegate-Queensway for Q2 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.