July 2019 Real Estate Market Update

Toronto-area home sales were up 24.3% in July, compared with the same period last year.

The number of properties sold increased to 8,595 from 6,916, with sales of all four categories of housing (detached, semi-detached, townhouse and condo apartment) up by double digits.

Average days on the market was 23 days.

Prices also rose year-over-year due to the tighter supply of properties for sale. The overall average selling price in the Greater Toronto Area (GTA) was up 3.2%, from $781,918 in July 2018 to $806,755 in July 2019.

Broadly speaking, increased competition between buyers for available properties resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments, reports the Toronto Real Estate Board. The single-detached market segment, which has arguably been impacted most by the stress test required for federally regulated mortgages, has experienced a slower pace of price growth, with average prices remaining lower than last year’s levels in some parts of the GTA.

While there were 14,393 new listings in the GTA during the month, up from 13,873 in July 2018, the total number of active listings at the end of July was down 9.1% from a year ago.

The average months of inventory (or supply) has been trending downwards since the beginning of the year. Based on July’s statistics, there’s currently 2.1 months of inventory indicating Toronto is in a seller’s market.

Here’s how the real estate market is performing in six Etobicoke neighbourhoods.

Alderwood
Average Home Price: $995,000
Number of Homes Sold: 10
Average Days on Market: 14

The overall average selling price for homes in Alderwood increased 15.4%, from $862,500 in July 2018 to $995,000 in July 2019. Average days on market has increased slightly from 9 to 14.

Islington-City Centre West
Average Home Price: $1,105,000
Number of Homes Sold: 14
Average Days on Market: 16

The overall average selling price for homes in Islington-City Centre West decreased 0.9%, from $1,115,000 in July 2018 to $1,105,000 in July 2019. Average days on market has significantly declined from 35 to 16 over the same time period.

Average Condo Price: $487,000
Number of Condos Sold: 45
Average Days on Market: 15

The overall average selling price for condominium apartments in Islington-City Centre West has seen little change year-over-year, increasing just 0.8% from $483,000 in July 2018 to $487,000 in July 2019. Average days on market has also remained relatively constant.

Long Branch
Average Home Price: $995,000
Number of Homes Sold: 3
Average Days on Market: 37

The overall average selling price for homes in Long Branch increased 11.7%, from $890,500 in July 2018 to $995,000 in July 2019. Average days on market has significantly increased from 5 to 37 over the same time period.

Mimico
Average Home Price: $1,110,000
Number of Homes Sold: 15
Average Days on Market: 24

The overall average selling price for homes in Mimico increased 20.7%, from $920,000 in July 2018 to $1,110,000 in July 2019. Average days on market has increased from 16 to 24 over the same time period.

Average Condo Price: $569,500
Number of Condos Sold: 89
Average Days on Market: 18

The overall average selling price for condominium apartments in Mimico increased 5.5%, from $540,000 in July 2018 to $569,500 in July 2019. Average days on market has remained relatively constant.

New Toronto
Average Home Price: $825,513
Number of Homes Sold: 9
Average Days on Market: 10

The overall average selling price for homes in New Toronto has seen no real change year-over-year, increasing just 0.06% from $825,000 in July 2018 to $825,513 in July 2019. Average days on market has only slightly decreased from 12 to 10.

Stonegate-Queensway
Average Home Price: $1,088,000
Number of Homes Sold: 13
Average Days on Market: 13

The overall average selling price for homes in Stonegate-Queensway increased 11.6%, from $975,000 in July 2018 to $1,088,000 in July 2019. Average days on market has increased from 9 to 13.

Average home/condo prices and days on market for Etobicoke communities are median statistics for July 2019.