December 2019 Real Estate Market Update
While buyers were stress-test-adjusted and benefitting from lower interest rates, the December 2019 real estate market heavily favoured sellers.
The Toronto Real Estate Board (TREB) has reported a near 12% increase in the average selling price of a Greater Toronto Area (GTA) home over the previous year — $837,788 in December 2019, compared to $749,014 in December 2018. This price acceleration points directly to historic lows of available active listings that, last month, were down by more than 35%, which is equal to 4,000 fewer active listings than in 2018. Despite the inventory challenge intensifying, transactions in Canada’s largest real estate market for all of 2019 increased by 12.6% year-over-year.
In Toronto proper, prices were up for all major home types, with detached properties and condo apartments leading the way. The average price for a detached home rose nearly 20% to $1,363,357 in December 2019, from $1,140,884 a year prior. The average price for a condo apartment increased by 10.4% to $656,233 from $594,414 over the same period.
Average days on market was 29 days.
Months of inventory (or supply) at the end of December was 1.7, indicating the city closed the year in a very strong seller’s market. Buyers faced bidding wars on many properties for sale, which is expected to continue in 2020 in addition to further acceleration in prices, if there is no relief on the supply front.
Here’s how the real estate market performed in six Etobicoke communities in December. If you are interested in obtaining real estate data for another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
Alderwood
Average Home Price: $1,372,500
Number of Homes Sold: 2
Average Days on Market: 70
In the community of Alderwood, 2 homes sold in December 2019, representing a decrease of 2 homes over the same month last year. The average selling price for homes increased 40.6% to $1,372,500 in December 2019, from $976,275 a year earlier. This could be attributed to fewer available listings and/or properties that sold were in better selling condition. Sales last month consisted of a two-storey detached home and a bungalow. Average days on market significantly increased to 70 days from 20 days year-over-year.
Average home prices for Alderwood for Q4 2019 are available here.
Islington-City Centre West
Average Home Price: $1,065,000
Number of Homes Sold: 4
Average Days on Market: 20
In the community of Islington-City Centre West, 4 homes sold in December 2019, representing a decrease of 5 homes over the same month last year. The average selling price for homes also declined by 13% to $1,065,000 in December 2019, from $1,224,000 a year earlier. This could be attributed to fewer sales of high-end homes. Bungalows accounted for three-quarters (3) of all sales in December 2019. Average days on market decreased significantly to 20 days from 67 days year-over-year.
Overall Average Condo Price: $545,622
Total Number of Condos Sold: 27
Average Days on Market: 14
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 9.3% to $466,578 in December 2019, from $426,786 in December 2018. Average days on market decreased to 14 days from 24 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 13.8% to $591,129 in December 2019, from $519,417 in December 2018. Average days on market decreased to 12 days from 21 days over the same time period.
Average home prices for Islington-City Centre West for Q4 2019 are available here.
Long Branch
Average Home Price: $1,325,100
Number of Homes Sold: 5
Average Days on Market: 18
In the community of Long Branch, 5 homes sold in December 2019, representing a decrease of 2 homes over the same month last year. The average selling price for homes increased 23.8% to $1,325,100 in December 2019, from $1,070,100 a year earlier. Detached two-storey homes accounted for almost all sales (4). Average days on market increased to 18 days from 10 days year-over-year.
Average home prices for Long Branch for Q4 2019 are available here.
Mimico
Average Home Price: $1,172,786
Number of Homes Sold: 7
Average Days on Market: 24
In the community of Mimico, 7 homes sold in December 2019, representing an increase of 6 homes over the same month last year. The average selling price for homes rose 26% to $1,172,786 in December 2019, from $931,000 a year earlier. This is likely attributed to the fact only 1 home sold in December 2018. Sales last month consisted of a mix of home types. Average days on market increased to 24 days from 22 days year-over-year.
Overall Average Condo Price: $633,359
Total Number of Condos Sold: 45
Average Days on Market: 32
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 18.3% to $538,277 in December 2019, from $454,990 in December 2018. Average days on market increased to 19 days from 16 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 19.3% to $756,250 in December 2019, from $634,119 in December 2018. Average days on market decreased to 31 days from 38 days over the same time period.
Average home prices for Mimico for Q4 2019 are available here.
New Toronto
Average Home Price: $829,000
Number of Homes Sold: 2
Average Days on Market: 39
In the community of New Toronto, 2 homes sold in December 2019, representing a decrease of 1 home over the same month last year. The average selling price for homes declined 3.9% to $829,000 in December 2019, from $863,000 a year earlier. Two-storey homes (detached and semi-detached) accounted for both sales. Average days on market significantly increased to 39 days from 8 days year-over-year.
Average home prices for New Toronto for Q4 2019 are available here.
Stonegate-Queensway
Average Home Price: $1,475,577
Number of Homes Sold: 13
Average Days on Market: 25
In the community of Stonegate-Queensway, 13 homes sold in December 2019, representing an increase of 8 homes over the same month last year. The average selling price for homes also increased 32.3% to $1,475,577 in December 2019, from $1,115,500 a year earlier. This could be attributed to more sales of high-end homes. Two-storey detached homes and bungalows accounted for more than three-quarters of all sales combined. Average days on market decreased to 25 days from 37 days year-over-year.
Average home prices for Stonegate-Queensway for Q4 2019 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.
