December 2022 Real Estate Market Update

The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022, compared to record levels the previous year.

The average selling price for all home types was $1,051,216 in December 2022, down 9.2% from $1,157,837 the previous year.

Sales were down 48.2% compared to last December’s unprecedented level of activity. New listings were also dropped 21.3% year-over-year.

Looking at 2022 as a whole, the average selling price was up 8.6% over 2021, attributed to the strong start seen in the beginning of the year. Home prices trended lower in the spring and summer, as aggressive Bank of Canada interest rate hikes further hampered housing affordability.

In terms of transactions, sales reported through the Toronto Regional Real Estate Board’s MLS system were down 38.2% in 2022, compared to the 2021 record of 121,639.

Supply remained tight despite fewer transactions. The lack of homes available for sale supported price stability beginning in August, throughout the remainder of the year.

Lack of supply also impacted the rental market, causing rental rates to skyrocket in 2022, up 23.7% in the GTA compared to the previous year.

For 2023, pent-up buyer demand and an influx of newcomers to the region will likely lead to an increase in the number of properties that change hands. Of all market segments, demand for condominiums is anticipated to increase the most given their greater affordability. Sellers will also be inclined to step off the sidelines, resulting in an increase in inventory and more choice for buyers. Because of this, sellers will be more negotiable in terms of price, so expect prices to remain relatively stable throughout the year.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in December. 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: $978,000
Number of Homes Sold: 3
Average Days on Market: 6

In the community of Alderwood, 3 homes sold in December 2022, representing a decrease of 2 homes from the same month last year. The average selling price for homes fell by 39.1% to $978,000 in December 2022, from $1,606,340 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of higher end homes in December 2021. From November to December, the overall average selling price dropped by 1.3%, from $991,200. Bungalows (2) and a two-storey detached home accounted for all sales in December 2022. Average days on market decreased to 6 days from 29 days year-over-year.

Average home prices for Alderwood for Q4 of 2022 are available here.

Islington-City Centre West
Average Home Price: $1,611,333
Number of Homes Sold: 9
Average Days on Market: 26

In the community of Islington-City Centre West, 9 homes sold in December 2022, representing a decrease of 5 homes from the same month last year. The average selling price for homes fell by 5.9% to $1,611,333 in December 2022, from $1,712,500 a year earlier. From November to December, the overall average selling price rose by 15.5%, from $1,395,688. This month-over-month percentage change may be attributed to, at least in part, sales of higher end homes in December 2022. Two-storey detached homes (5), one-and-a-half-storey homes (2) and bungalows (2) accounted for all sales in December 2022. Average days on market increased to 26 days from 18 days year-over-year.

Overall Average Condo Price: $717,489
Total Number of Condos Sold: 18
Average Days on Market: 32

The overall average selling price for condominium apartments in Islington-City Centre West increased by 10.7% to $717,489 in December 2022, from $648,050 a year earlier. From November to December, the overall average selling price rose by 15.8%, from $619,751. This significant year-over-year and month-over-month percentage change may be attributed to, at least in part, sales of larger, higher end condo units in December 2022.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 7.2% to $517,850 in December 2022, from $557,814 in December 2021. Average days on market increased to 32 days from 20 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West fell by 9.2% to $710,667 in December 2022, from $782,791 in December 2021. Average days on market decreased to 26 days from 28 days over the same time period.

Average home prices for Islington-City Centre West for Q4 of 2022 are available here.

Long Branch
Average Home Price: $1,139,333
Number of Homes Sold: 3
Average Days on Market: 20

In the community of Long Branch, 3 homes sold in December 2022, representing no change from the same month last year. The average selling price for homes fell by 25.6% to $1,139,333 in December 2022, from $1,531,667 in December 2021. From November to December, the overall average selling price dropped by 21.1%, from $1,444,643. Bungalows (2) and a one-and-a-half-storey home accounted for all sales in December 2022. Average days on market decreased to 20 days from 21 days over the same time period.

Average home prices for Long Branch for Q4 of 2022 are available here.

Mimico
Average Home Price: $1,116,389
Number of Homes Sold: 9
Average Days on Market: 35

In the community of Mimico, 9 homes sold in December 2022, representing an increase of 2 homes from the same month last year. The average selling price for homes fell by 28.1% to $1,116,389 in December 2022, from $1,552,857 a year earlier. From November to December, the overall average selling price dropped by 0.7%, from $1,124,350. Two-storey detached homes (3) and townhomes (3) combined accounted for two-thirds of all sales in December 2022. Average days on market decreased to 35 days from 40 days year-over-year.

Overall Average Condo Price: $810,261
Total Number of Condos Sold: 28
Average Days on Market: 27

The overall average selling price for condominium apartments in Mimico rose by 5.6% to $810,261 in December 2022, from $767,074 a year earlier. From November to December, the overall average selling price rose by 6.7%, from $759,221.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico fell by 4% to $568,000 in December 2022, from $591,867 in December 2021. Average days on market decreased to 32 days from 43 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico fell by 1.9% to $917,833 in December 2022, from $935,438 in December 2021. Average days on market decreased to 18 days from 35 days over the same time period.

Average home prices for Mimico for Q4 of 2022 are available here.

New Toronto
Average Home Price: $1,271,200
Number of Homes Sold: 5
Average Days on Market: 34

In the community of New Toronto, 5 homes sold in December 2022, representing a decrease of 1 home from the same month last year. The average selling price for homes fell by 18.2% to $1,271,200 in December 2022, from $1,553,515 a year earlier. From November to December, the overall average selling price dropped by 13%, from $1,421,769. Two-storey detached homes (4) accounted for nearly all sales in December 2022. Average days on market increased to 34 days from 18 days year-over-year.

Average home prices for New Toronto for Q4 of 2022 are available here.

Stonegate-Queensway
Average Home Price: $1,613,500
Number of Homes Sold: 6
Average Days on Market: 35

In the community of Stonegate-Queensway, 6 homes sold in December 2022, representing a decrease of 9 homes over the same month last year. The average selling price for homes fell by 1.4% to $1,613,500 in December 2022, from $1,636,770 a year earlier. From November to December, the overall average selling price fell by 4.3%, from $1,686,091. Sales were evenly split between two-storey detached homes (2), one-and-a-half-storey homes (2) and bungalows (2) in December 2022. Average days on market increased to 35 days from 19 days year-over-year.

Average home prices for Stonegate-Queensway for Q4 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.