February 2020 Real Estate Market Update

A serious inventory shortage is likely to be the single biggest driver for the spring real estate market.

While the number of new listings rose to 10,613 in February 2020, from 9,834 a year earlier, representing a boost of 7.9%, active listings shrank 33.6% to 8,816 from 13,284 over the same time period — the biggest year-over-year monthly decrease in the last decade.

This drove prices up as competition between buyers increased. The average selling price for all home types combined rose by 16.7% to $910,290, from $779,791 in February 2019. Double-digit average price growth was experienced for most major market segments, including condominium apartments and detached houses.

In Toronto, the condo market led the way, with the average cost jumping 18% to $722,675 from $612,488 year-over-year. The average cost of a detached home was up 14.4% — $1,485,304 in February 2020 compared to $1,294,936 in February 2019.

Average number of days on the market was 36 days.

The Toronto Regional Real Estate Board (TRREB) attributes the continued acceleration in prices to strong growth in the number of sales combined with a further dip in available listings. The number of transactions rose to 7,256 in February 2020, from 4,982 a year earlier, representing an increase of 45.6%.

This could change with the spread of the coronavirus, though the recent interest rate drop by the Bank of Canada and new stress test rules may have the opposite effect and cause more people to jump into Toronto’s hot housing market.

Months of inventory (or supply) at the end of February was 1.2, down from 1.7 in January. This indicates the city is in a market that heavily favours sellers.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in February. 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: $1,088,667
Number of Homes Sold: 6
Average Days on Market: 16

In the community of Alderwood, 6 homes sold in February 2020, representing no change over the same month last year. The average selling price for homes declined 2.4% to $1,088,667 in February 2020, from $1,115,833 a year earlier. This percentage decrease could be attributed to fewer sales of high-end homes. Bungalows accounted for half of all sales (3) in February 2020. Average days on market decreased to 16 days from 19 days year-over-year.

Average home prices for Alderwood for Q4 2019 are available here.

Islington-City Centre West
Average Home Price: $1,425,600
Number of Homes Sold: 14
Average Days on Market: 21

In the community of Islington-City Centre West, 14 homes sold in February 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes increased by 22.5% to $1,425,600 in February 2020, from $1,163,891 a year earlier. Detached two-storey homes and bungalows combined accounted for more than two-thirds of sales (10) in February 2020. Average days on market increased to 21 days from 18 days year-over-year.

Overall Average Condo Price: $598,222
Total Number of Condos Sold: 51
Average Days on Market: 9

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 24.9% to $513,875 in February 2020, from $411,433 in February 2019. Average days on market decreased to 6 days from 16 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 9.4% to $654,212 in February 2020, from $598,106 in Feburary 2019. Average days on market decreased to 11 days from 12 days over the same time period.

Average home and condo apartment prices for Islington-City Centre West for Q4 2019 are available here.

Long Branch
Average Home Price: $1,324,889
Number of Homes Sold: 9
Average Days on Market: 33

In the community of Long Branch, 9 homes sold in February 2020, representing an increase of 2 homes over the same month last year. The average selling price for homes rose 24.7% to $1,324,889 in February 2020, from $1,062,500 a year earlier. Detached two-storey homes and bungalows combined accounted for more than half of sales (5) in February 2020. Average days on market decreased to 33 days from 53 days year-over-year.

Average home prices for Long Branch for Q4 2019 are available here.

Mimico
Average Home Price: $1,306,237
Number of Homes Sold: 16
Average Days on Market: 18

In the community of Mimico, 16 homes sold in February 2020, representing an increase of 7 homes over the same month last year. The average selling price for homes rose 12.7% to $1,306,237 in February 2020, from $1,158,957 a year earlier. Detached two-storey homes accounted for more than half of sales (9) in February 2020. Average days on market increased to 18 days from 15 days year-over-year.

Overall Average Condo Price: $674,257
Total Number of Condos Sold: 74
Average Days on Market: 13

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 24.6% to $560,401 in February 2020, from $449,770 in February 2019. Average days on market decreased to 7 days from 22 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 23.4% to $839,521 in February 2020, from $675,000 in February 2019. Average days on market decreased to 22 days from 24 days over the same time period.

Average home and condo apartment prices for Mimico for Q4 2019 are available here.

New Toronto
Average Home Price: $1,106,449
Number of Homes Sold: 4
Average Days on Market: 6

In the community of New Toronto, 4 homes sold in February 2020, representing a decrease of 1 home over the same month last year. The average selling price for homes rose 30.6% to $1,106,449 in February 2020, from $847,200 a year earlier. Detached two-storey homes accounted for three-quarters of sales (3) in February 2020. Average days on market significantly decreased to 6 days from 27 days year-over-year.

Average home prices for New Toronto for Q4 2019 are available here.

Stonegate-Queensway
Average Home Price: $1,572,062
Number of Homes Sold: 18
Average Days on Market: 20

In the community of Stonegate-Queensway, 18 homes sold in February 2020, representing an increase of 12 homes over the same month last year. The average selling price for homes rose 31% to $1,572,062 in February 2020, from $1,200,000 a year earlier. This percentage increase could be attributed to more sales of high-end homes. Detached two-storey homes accounted for nearly half of all sales (8) in February 2020, followed by bungalows (6). Average days on market decreased to 20 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.