July 2023 Real Estate Market Update

Greater Toronto Area home sales, listings and prices were up in July, in comparison to the same month last year; however, the market experienced more balance than in June, with sales edging lower for the second straight month while active listings trended upward.

The Toronto Regional Real Estate Board reported 5,250 sales in July, representing a year-over-year increase of 7.8%. Over the same period, new listings also rose but by a greater annual rate of 11.5%, reaching 15,371 properties for sale. This is the highest number of active listings in the past year and only the third month since January 2021 that active listings have exceeded 15,000.

The increase in supply was good news for buyers. Months of inventory at the end of July was nearly 3 months, indicating there are now more sellers than buyers than previous months.

Properties sill sold, on average, for 102% of their list price, though. They were also selling quickly, with an average of just 17 days on the market. Both are indicators of a strong market.

The average selling price was up by 4.2% to $1,118,374 in July 2023, from July 2022. The detached market in Toronto showed particularly robust performance, with an average sales price of just over $1,641,000 — an increase of 8.1% on a year-over-year basis. The Toronto condo market also experienced yearly gains, albeit to a lesser extent at 1.2%, likely because inventory levels in this sector have risen the highest since 2020.

Looking month-over-month, the market has experienced a pullback, with prices down $63,755 from June.

Uncertainty surrounding the direction of borrowing costs and the overall economy has impacted home sales over the last two months. Activity is expected to continue to slow down and over the next six to eight months, prices may dip in both the lowrise and highrise sectors. But the softening is likely to be a blip rather than a free fall, simply because there’s still not enough housing supply.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in July. If you 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: $1,174,688
Number of Homes Sold: 8
Average Days on Market: 10

In the community of Alderwood, 8 homes sold in July 2023, representing a decrease of 1 home from the same month last year. The average selling price for homes rose by 11.1% to $1,174,688 in July 2023, from $1,057,256 a year earlier. Bungalows (7) accounted for nearly all sales in July 2023. Average days on market decreased to 10 days from 29 days year-over-year.

Average home prices for Alderwood for Q2 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,849,036
Number of Homes Sold: 14
Average Days on Market: 16

In the community of Islington-City Centre West, 14 homes sold in July 2023, representing an increase of 5 homes from the same month last year. The average selling price for homes fell by 2.4% to $1,849,036 in July 2023, from $1,894,722 a year earlier. Bungalows (6) accounted for nearly half of all sales in July 2023, followed by two-storey detached homes (3). Average days on market decreased to 16 days from 20 days year-over-year.

Overall Average Condo Price: $671,877
Total Number of Condos Sold: 52
Average Days on Market: 20

In the community of Islington-City Centre West, 52 condominium apartments sold in July 2023, representing an increase of 13 units from the same month last year. The overall average selling price rose by 5.1% to $671,877 in July 2023, from $639,198 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 1.2% to $536,608 in July 2023, from $543,250 in July 2022. Average days on market decreased to 14 days from 18 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 3.1% to $765,962 in July 2023, from $743,000 in July 2022. Average days on market increased to 33 days from 18 days over the same time period.

Average home prices for Islington-City Centre West for Q2 of 2023 are available here.

Long Branch
Average Home Price: $1,703,000
Number of Homes Sold: 7
Average Days on Market: 34

In the community of Long Branch, 7 homes sold in July 2023, representing an increase of 4 homes from the same month last year. The average selling price for homes rose by 68% to $1,703,000 in July 2023, from $1,010,000 in July 2022. This significant percentage change may be partially attributed to sales of higher end homes in July 2023. Two-storey detached homes (4) accounted for more than half of all sales in July 2023. Average days on market increased to 34 days from 17 days over the same time period.

Average home prices for Long Branch for Q2 of 2023 are available here.

Mimico
Average Home Price: $1,374,079
Number of Homes Sold: 5
Average Days on Market: 15

In the community of Mimico, 5 homes sold in July 2023, representing a decrease of 4 homes from the same month last year. The average selling price for homes rose by 12.3% to $1,374,079 in July 2023, from $1,223,722 a year earlier. Sales were split between two-storey detached homes (2), bungalows (1), townhouses (1) and duplexes (1). Average days on market increased to 15 days from 11 days year-over-year.

Overall Average Condo Price: $831,159
Total Number of Condos Sold: 49
Average Days on Market: 22

In the community of Mimico, 49 condominium apartments sold in July 2023, representing an increase of 7 units from the same month last year. The overall average selling price for condominium apartments rose by 9.6% to $831,159 in July 2023, from $758,198 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 0.9% to $591,827 in July 2023, from $597,458 in July 2022. Average days on market increased to 27 days from 22 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 14.2% to $902,800 in July 2023, from $790,555 in July 2022. Average days on market decreased to 20 days from 24 days over the same time period.

Average home prices for Mimico for Q2 of 2023 are available here.

New Toronto
Average Home Price: $1,245,000
Number of Homes Sold: 3
Average Days on Market: 12

In the community of New Toronto, 3 homes sold in July 2023, representing a decrease of 2 homes from the same month last year. The average selling price for homes rose by 15.4% to $1,245,000 in July 2023, from $1,078,700 a year earlier. Bungalows (2) accounted for two-thirds of all sales in July 2023. Average days on market remained constant at 12 days over the same time period.

Average home prices for New Toronto for Q2 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $2,077,708
Number of Homes Sold: 12
Average Days on Market: 14

In the community of Stonegate-Queensway, 12 homes sold in July 2023, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 4.1% to $2,077,708 in July 2023, from $1,996,468 a year earlier. Two-storey detached homes (6) accounted for half of all sales in July 2023, followed by bungalows (3). Average days on market decreased to 14 days from 17 days over the same time period.

Average home prices for Stonegate-Queensway for Q2 of 2023 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.