January 2020 Real Estate Market Update

The power of supply and demand was the driver of the Toronto real estate market in the first month of the new decade, accelerating prices for all home types.

The Toronto Regional Real Estate Board (TRREB), formerly known as the Toronto Real Estate Board, has reported the average selling price of a Greater Toronto Area (GTA) home is more than 12% higher than a year ago — $839,363 in January 2020, compared to $747,175 in January 2019.

In Toronto, the detached home market segment led the way in terms of price growth, with the average cost up almost 17% to $1,369,848 from $1,174,134 a year earlier.

“It is clear that many buyers who were on the sidelines due to the Office of the Superintendent of Financial Institutions’ stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment,” says Jason Mercer, TRREB’s director of market analysis and service channels.

The average price for a condominium apartment rose nearly 15% in Toronto, to $679,182 from $591,444 over the same time period.

TRREB attributes the acceleration in prices to constrained supply compared to a year ago. Steady population growth, low unemployment and low borrowing costs continue to underpin substantial competition between buyers in all major market segments.

The number of residential properties sold rose to 4,581 in January 2020, from 3,968 a year earlier, representing an increase of 15.5%.

New listings, on the other hand, declined 17.1% over the same time period. There were 7,836 new listings in the GTA during the month, down from 9,456 in January 2019. The number of active listings also shrank 35% to 7,772 from 11,962.

Average number of days on the market was 37 days.

Months of inventory (or supply) at the end of January did not change from December 2019, remaining at 1.7. This indicates the city is in a very strong seller’s market.

Looking ahead at the year as a whole, TRREB is forecasting home sales to climb 10% this year, with the average selling price to be about $900,000, as new listings are expected to be flat to down.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in January. 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: $1,211,167
Number of Homes Sold: 8
Average Days on Market: 6

In the community of Alderwood, 8 homes sold in January 2020, representing an increase of 4 homes over the same month last year. The average selling price for homes rose 19% to $1,211,167 in January 2020, from $1,018,125 a year earlier. Detached two-storey homes accounted for half of all sales (4) in January 2020, followed by bungalows (3). Average days on market significantly decreased to 6 days from 29 days year-over-year.

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

Islington-City Centre West
Average Home Price: $1,809,078
Number of Homes Sold: 9
Average Days on Market: 47

In the community of Islington-City Centre West, 9 homes sold in January 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes also rose by 9.4% to $1,809,078 in January 2020, from $1,653,333 a year earlier. Detached two-storey homes accounted for 5 sales in January 2020, followed by bungalows (3). Average days on market increased to 47 days from 30 days year-over-year.

Overall Average Condo Price: $595,586
Total Number of Condos Sold: 29
Average Days on Market: 13

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 12.9% to $485,900 in January 2020, from $430,400 in January 2019. Average days on market decreased to 5 days from 8 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 9.2% to $623,150 in January 2020, from $570,733 in January 2019. Average days on market significantly decreased to 10 days from 32 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: $1,733,143
Number of Homes Sold: 7
Average Days on Market: 64

In the community of Long Branch, 7 homes sold in January 2020, representing an increase of 4 homes over the same month last year. The average selling price for homes rose 75.7% to $1,733,143 in January 2020, from $986,667 a year earlier. This significant increase could be attributed to more sales of high-end homes. Detached two-storey homes accounted for almost all sales (6) in January 2020. Average days on market increased to 64 days from 46 days year-over-year.

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

Mimico
Average Home Price: $1,282,592
Number of Homes Sold: 12
Average Days on Market: 26

In the community of Mimico, 12 homes sold in January 2020, representing an increase of 7 homes over the same month last year. The average selling price for homes rose 6.2% to $1,282,592 in January 2020, from $1,208,000 a year earlier. Sales in January 2020 consisted of a mix of home types. Average days on market increased to 26 days from 14 days year-over-year.

Overall Average Condo Price: $663,827
Total Number of Condos Sold: 46
Average Days on Market: 21

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 14.3% to $551,667 in January 2020, from $482,647 in January 2019. Average days on market increased to 17 days from 10 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 9.7% to $732,696 in January 2020, from $667,742 in January 2019. Average days on market decreased to 20 days from 25 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: $1,059,500
Number of Homes Sold: 2
Average Days on Market: 57

In the community of New Toronto, 2 homes sold in January 2020, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose 11.2% to $1,059,500 in January 2020, from $953,104 a year earlier. Detached two-storey homes accounted for both sales in January 2020. Average days on market significantly increased to 57 days from 34 days year-over-year.

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

Stonegate-Queensway
Average Home Price: $1,293,625
Number of Homes Sold: 8
Average Days on Market: 24

In the community of Stonegate-Queensway, 8 homes sold in January 2020, representing an increase of 2 homes over the same month last year. The average selling price for homes rose 16.4% to $1,293,625 in January 2020, from $1,111,833 a year earlier. Detached two-storey homes and bungalows combined accounted for more than half of all sales in January 2020. Average days on market increased to 24 days from 16 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.