July 2020 Real Estate Market Update
July was a record-breaking month for Toronto’s housing market. Sales surged along with home prices and both climbed to new highs.
Average home prices were up nearly 17% year-over-year to $943,710 — an increase of more than $136,000 from July 2019.
On a preliminary seasonally adjusted basis, this is an increase of 5.5% compared to June 2020.
Price growth was strongest for lowrise home types, particularly detached and semi-detached homes at 25.5% and 20%, respectively. The average price for a detached home was $1.54 million. Semi-detached homes averaged $1.18 million.
Despite more balanced market conditions in the condominium apartment market segment, year-over-year price growth remained in the high single digits at 8.8%. The average price was just shy of $683,000.
More than 11,000 homes changed hands last month, representing an increase of 29.5% over July 2019.
Normally, sales dip in July as more households take vacation, especially with children out of school. This year has been different with homebuyers and sellers playing catch-up on their housing plans after the COVID-19-related lockdown in April and May.
Just as with price gains, detached homes led all property types in sales, up almost 44% across the Greater Toronto Area. With the increased option of working remotely due to the pandemic, more people are looking for greater space and, in particular, properties that can accommodate home offices. Outdoor space is also becoming increasingly important as travel may be restricted for the next couple years and schools could close again in the future.
Total new listings rose by nearly 25% from July 2019. However, active listings at the end of July were down by 16.3% year-over-year, indicating a tightening of the market.
Current months of inventory is 1.4, which indicates sellers are in a much better position than buyers.
As more people compete for homes, they’re also selling faster. Average days on market is 25, down from 33 a year earlier.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in July. If you live in or would like to obtain real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
Alderwood
Average Home Price: $1,269,109
Number of Homes Sold: 23
Average Days on Market: 30
In the community of Alderwood, 23 homes sold in July 2020, representing an increase of 13 homes over the same month last year. The average selling price for homes increased 27.6% to $1,269,109 in July 2020, from $994,800 a year earlier. Two-storey detached homes and bungalows combined accounted for more than three-quarters of all sales in July 2020. Average days on market increased to 30 days from 17 days year-over-year.
Average home prices for Alderwood for Q2 2020 are available here.
Islington-City Centre West
Average Home Price: $1,405,100
Number of Homes Sold: 20
Average Days on Market: 17
In the community of Islington-City Centre West, 20 homes sold in July 2020, representing an increase of 7 homes over the same month last year. The average selling price for homes increased by 7.1% to $1,405,100 in July 2020, from $1,311,423 a year earlier. Bungalows accounted for nearly half (9) of all sales, followed by two-storey detached homes (6) and three-storey townhomes in July 2020. Average days on market decreased to 17 days from 21 days year-over-year.
Overall Average Condo Price: $576,045
Total Number of Condos Sold: 61
Average Days on Market: 17
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 7.7% to $498,578 in July 2020, from $462,967 in July 2019. Average days on market increased to 15 days from 11 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 6.2% to $657,595 in July 2020, from $619,382 in July 2019. Average days on market increased to 21 days from 15 days over the same time period.
Average home and condo apartment prices for Islington-City Centre West for Q2 2020 are available here.
Long Branch
Average Home Price: $1,449,556
Number of Homes Sold: 9
Average Days on Market: 19
In the community of Long Branch, 9 homes sold in July 2020, representing an increase of 7 homes over the same month last year. The average selling price for homes increased by 18.1% to $1,449,556 in July 2020, from $1,227,500 a year earlier. Two-storey detached homes accounted for almost half (4) of all sales in July 2020. Average days on market decreased to 19 days from 27 days year-over-year.
Average home prices for Long Branch for Q2 2020 are available here.
Mimico
Average Home Price: $1,159,496
Number of Homes Sold: 25
Average Days on Market: 13
In the community of Mimico, 25 homes sold in July 2020, representing an increase of 10 homes over the same month last year. The average selling price for homes decreased 14.2% to $1,159,496 in July 2020, from $1,350,726 a year earlier. Sales were fairly evenly split between all home types in July 2020. Average days on market decreased to 13 days from 27 days year-over-year.
Overall Average Condo Price: $664,905
Total Number of Condos Sold: 101
Average Days on Market: 18
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 12.4% to $546,021 in July 2020, from $485,909 in July 2019. Average days on market decreased to 18 days from 19 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 10.2% to $735,158 in July 2020, from $667,323 in July 2019. Average days on market decreased to 14 days from 35 days over the same time period.
Average home and condo apartment prices for Mimico for Q2 2020 are available here.
New Toronto
Average Home Price: $1,627,500
Number of Homes Sold: 2
Average Days on Market: 18
In the community of New Toronto, 2 homes sold in July 2020, representing a decrease of 9 homes over the same month last year. The average selling price for homes increased 78% to $1,627,500 in July 2020, from $914,390 a year earlier. This significant percentage change may be attributed to the limited number of sales in July 2020, combined with the fact that one of the two sales was a higher end home. Average days on market increased to 18 days from 13 days year-over-year.
Average home prices for New Toronto for Q2 2020 are available here.
Stonegate-Queensway
Average Home Price: $1,519,832
Number of Homes Sold: 22
Average Days on Market: 18
In the community of Stonegate-Queensway, 22 homes sold in July 2020, representing an increase of 9 homes over the same month last year. The average selling price for homes increased 28.6% to $1,519,832 in July 2020, from $1,182,269 a year earlier. Detached two-storey homes accounted for nearly half (9) of all sales, followed by bungalows (7) in July 2020. Average days on market decreased to 18 days from 26 days year-over-year.
Average home prices for Stonegate-Queensway for Q2 2020 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.
