July 2022 Real Estate Market Update
Buyers are poised to benefit from more choice and value for money as sales and home prices continue to trend downwards following the peak seen in the first quarter of 2022.
In July, there were 4,912 sales in the Greater Toronto Area (GTA), falling 47% from the same month last year. Following the regular seasonal trend, sales also dipped compared to June.
New listings declined on a year-over-year basis in July, too, albeit by a more moderate 4%.
It’s expected that the trend for new listings will continue to follow that of sales, as we move through the second half of 2022 and into 2023.
Market conditions remained much more balanced in July, in contrast to a year earlier. The annual rate of price growth has moderated, with the average selling price for all home types in the GTA up 1.2% to $1,074,754, from $1,061,724 in July 2021.
Detached homes in Toronto-proper suffered a year-over-year price loss of 7.3%, while less expensive condominium apartments experienced 4.3% price growth as more buyers turned to this segment to help mitigate the impact of higher borrowing costs.
From June to July of this year, the average selling price in the GTA fell by 6.2%. Again, the detached property segment saw the greatest drop in prices, particularly in the 416-area where prices fell 12.7% month-over-month. The 905-area saw prices dip by a much lesser extent of 3.1%. However, condo prices declined by 3.5% in Toronto, compared to 4.7% in surrounding regions.
Months of inventory at the end of July was just over 3 months, up from 2.5 months in June.
Average property days on market was 29 days — more than three times what it was when the market was red-hot in February.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in July. 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: $1,057,256
Number of Homes Sold: 9
Average Days on Market: 29
In the community of Alderwood, 9 homes sold in July 2022, representing no change from the same month last year. The average selling price for homes declined by 22.1% to $1,057,256 in July 2022, from $1,357,333 a year earlier. From June to July of this year, the overall average selling price fell by 12.8%, from $1,212,500. The significant percentage change in year-over-year and month-over-month prices may be partially attributed to sales of lower end homes in July 2022. Bungalows (4) accounted for nearly half of all sales in July 2022. Average days on market increased to 29 days from 20 days year-over-year.
Average home prices for Alderwood for Q2 of 2022 are available here.
Islington-City Centre West
Average Home Price: $1,894,722
Number of Homes Sold: 9
Average Days on Market: 20
In the community of Islington-City Centre West, 9 homes sold in July 2022, representing no change from the same month last year. The average selling price for homes rose by 40.1% to $1,894,722 in July 2022, from $1,346,100 a year earlier. From June to July of this year, the overall average selling price increased by 28.8%, from $1,471,333. The significant percentage change in year-over-year and month-over-month prices may be partially attributed to sales of higher end homes in July 2022. Two and three-storey detached homes combined (5) accounted for more than half of all sales in July 2022. Average days on market decreased to 20 days from 21 days year-over-year.
Overall Average Condo Price: $639,198
Total Number of Condos Sold: 39
Average Days on Market: 18
The overall average selling price for condominium apartments in Islington-City Centre West increased by 2.8% to $639,198 in July 2022, from $621,670 a year earlier. From June to July of this year, the overall average selling price fell by 6.1%, from $680,407.
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 4% to $543,250 in July 2022, from $522,564 in July 2021. Average days on market increased to 18 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 rose by 0.8% to $743,000 in July 2022, from $736,816 in July 2021. Average days on market decreased to 18 days from 23 days over the same time period.
Average home prices for Islington-City Centre West for Q2 of 2022 are available here.
Long Branch
Average Home Price: $1,010,000
Number of Homes Sold: 3
Average Days on Market: 17
In the community of Long Branch, 3 homes sold in July 2022, representing a decrease of 9 homes from the same month last year. The average selling price for homes fell by 18.6% to $1,010,000 in July 2022, from $1,240,183 a year earlier. From June to July of this year, the overall average selling price decreased by 32.9%, from $1,504,313. The significant percentage change in both year-over-year and month-over-month prices may be partially attributed to sales of lower end homes in July 2022. Average days on market increased to 17 days from 12 days year-over-year.
Average home prices for Long Branch for Q2 of 2022 are available here.
Mimico
Average Home Price: $1,223,722
Number of Homes Sold: 9
Average Days on Market: 11
In the community of Mimico, 11 homes sold in July 2022, representing a decrease of 1 home over the same month last year. The average selling price for homes rose by 0.9% to $1,223,722 in July 2022, from $1,213,447 a year earlier. From June to July of this year, the overall average selling price fell by 20.8%, from $1,545,000. The significant percentage change in month-over-month prices may be partially attributed to sales of higher end homes in June. Two-storey detached homes (5) accounted for more than half of all sales in July 2022. Average days on market decreased to 11 days from 16 days year-over-year.
Overall Average Condo Price: $758,198
Total Number of Condos Sold: 42
Average Days on Market: 25
The overall average selling price for condominium apartments in Mimico fell by 0.6% to $758,198 in July 2022, from $762,955 a year earlier. From June to July of this year, the overall average selling price decreased by 5.1%, from $798,713.
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 1.3% to $597,458 in July 2022, from $605,296 in July 2021. Average days on market increased to 22 days from 16 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 0.3% to $790,555 in July 2022, from $787,900 in June 2021. Average days on market increased to 20 days from 16 days over the same time period.
Average home prices for Mimico for Q2 of 2022 are available here.
New Toronto
Average Home Price: $1,078,700
Number of Homes Sold: 5
Average Days on Market: 12
In the community of New Toronto, 5 homes sold in July 2022, representing a decrease of 5 homes from the same month last year. The average selling price for homes fell by 3.5% to $1,078,700 in July 2022, from $1,118,100 a year earlier. From June to July of this year, the overall average selling price decreased by 14.1%, from $1,255,139. Average days on market remained unchanged year-over-year at 12 days.
Average home prices for New Toronto for Q2 of 2022 are available here.
Stonegate-Queensway
Average Home Price: $1,996,468
Number of Homes Sold: 16
Average Days on Market: 17
In the community of Stonegate-Queensway, 16 homes sold in July 2022, representing a decrease of 3 homes over the same month last year. The average selling price for homes fell by 4.1% to $1,996,468 in July 2022, from $2,081,474 a year earlier. From June to July of this year, the overall average selling price rose by 5.1%, from $1,900,115. Two-storey detached homes (8) accounted for half of all sales in July 2022, followed by bungalows (5). Average days on market increased to 17 days from 9 days year-over-year.
Average home prices for Stonegate-Queensway for Q2 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.
