June 2022 Real Estate Market Update

Higher borrowing costs continued to impact home sales in June, as well as prices.

Sales were down by 41% year-over-year in the Greater Toronto Area (GTA). The number of transactions was also down compared to May, but this is often the case due to the seasonal nature of the market.

While the average selling price, at $1,146,254, remained 5.3% above the June 2021 level, it continued to trend lower on a monthly basis. From May to June of this year, the average selling price fell by 5.5%, which is more than the year-over-year gain.

Annual price growth in June was driven primarily by less expensive market segments. In Toronto-proper, townhomes saw their average selling price rise by 9.1% year-over-year, while condominium apartment prices climbed to $771,267, an increase of 7.4%. In comparison, the average selling price of a detached home rose by 2.4%.

While transactions were down year-over-year, the number of new listings was little changed over the same period. This has provided for greater balance in the market, resulting in a more moderate annual pace of price growth.

Months of inventory at the end of June was 2.5 months, up from the low of under three weeks in January.

Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein homebuyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Current market conditions are expected to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs.

Over the long-term, as the GTA continues to experience population growth, attracting people and businesses from around the world, housing demand is expected to remain strong. If would-be sellers continue to take a wait-and-see approach over the next few months, it’s possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in June. 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: $1,212,500
Number of Homes Sold: 6
Average Days on Market: 21

In the community of Alderwood, 6 homes sold in June 2022, representing a decrease of 18 homes over the same month last year. The average selling price for homes rose by 1.7% to $1,212,500 in June 2022, from $1,191,958 a year earlier. From May to June of this year, the overall average selling price fell by 15.7%, from $1,437,531. Bungalows (2) accounted for half of all sales in June 2022. Average days on market increased to 21 days from 8 days year-over-year.

Average home prices for Alderwood for Q2 of 2022 are available here.

Islington-City Centre West
Average Home Price: $1,471,333
Number of Homes Sold: 12
Average Days on Market: 11

In the community of Islington-City Centre West, 12 homes sold in June 2022, representing a decrease of 8 homes over the same month last year. The average selling price for homes declined by 22.2% to $1,471,333 in June 2022, from $1,891,987 a year earlier. From May to June of this year, the overall average selling price fell by 32.4%, from $2,175,659. The significant percentage change in year-over-year and month-over-month prices may be partially attributed to sales of lower end homes in June 2022. Bungalows (5) accounted for nearly half of all sales in June, followed by two-storey detached homes (3) and three-storey townhouses (3). Average days on market decreased to 11 days from 13 days year-over-year.

Overall Average Condo Price: $680,407
Total Number of Condos Sold: 45
Average Days on Market: 18

The overall average selling price for condominium apartments in Islington-City Centre West increased by 6.9% to $680,407 in June 2022, from $636,272 a year earlier. From May to June of this year, the overall average selling price fell by 2.7%, from $698,996.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 8.1% to $559,375 in June 2022, from $518,292 in June 2021. Average days on market increased to 32 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 rose by 10.6% to $795,591 in June 2022, from $719,381 in June 2021. Average days on market decreased to 12 days from 14 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: $1,504,313
Number of Homes Sold: 8
Average Days on Market: 18

In the community of Long Branch, 8 homes sold in June 2022, representing a decrease of 6 homes from the same month last year. The average selling price for homes rose by 12.7% to $1,504,313 in June 2022, from $1,334,643 a year earlier. From May to June of this year, the overall average selling price increased by 3.4%, from $1,455,272. Two-storey detached homes (3) and bungalows (2) combined accounted for nearly two-thirds all sales in June 2022. Average days on market increased to 18 days from 8 days year-over-year.

Average home prices for Long Branch for Q2 of 2022 are available here.

Mimico
Average Home Price: $1,545,000
Number of Homes Sold: 12
Average Days on Market: 12

In the community of Mimico, 12 homes sold in June 2022, representing a decrease of 15 homes over the same month last year. The average selling price for homes rose by 11.4% to $1,545,000 in June 2022, from $1,387,341 a year earlier. From May to June of this year, the overall average selling price increased by 16.8%, from $1,322,682. This significant percentage change may be attributed to sales of higher end homes in June. Two-storey detached homes (6) accounted for half of all sales in June 2022, followed by bungalows (4). Average days on market decreased to 12 days from 21 days year-over-year.

Overall Average Condo Price: $798,713
Total Number of Condos Sold: 55
Average Days on Market: 19

The overall average selling price for condominium apartments in Mimico rose by 5.1% to $798,713 in June 2022, from $758,957 a year earlier. From May to June of this year, the overall average selling price fell by 5.2% from $759,089.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 8.3% to $629,000 in June 2022, from $580,759 in June 2021. Average days on market increased to 19 days from 15 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 2.1% to $861,857 in June 2022, from $843,759 in June 2021. Average days on market increased to 24 days from 18 days over the same time period.

Average home prices for Mimico for Q2 of 2022 are available here.

New Toronto
Average Home Price: $1,255,139
Number of Homes Sold: 4
Average Days on Market: 12

In the community of New Toronto, 4 homes sold in June 2022, representing a decrease of 9 homes from the same month last year. The average selling price for homes rose by 11% to $1,255,139 in June 2022, from $1,131,093 a year earlier. From May to June of this year, the overall average selling price fell by 1.8%, from $1,278,645. Two-storey detached homes (2) accounted for half of all sales in June 2022. Average days on market decreased to 12 days from 13 days year-over-year.

Average home prices for New Toronto for Q2 of 2022 are available here.

Stonegate-Queensway
Average Home Price: $1,900,115
Number of Homes Sold: 26
Average Days on Market: 13

In the community of Stonegate-Queensway, 26 homes sold in June 2022, representing an increase of 2 homes over the same month last year. The average selling price for homes rose by 2.6% to $1,900,115 in June 2022, from $1,851,466 a year earlier. From May to June of this year, the overall average selling price dipped by 12.6%, from $2,174,537. Two-storey detached homes (12) accounted for nearly half of all sales in June 2022, followed by bungalows (11). Average days on market increased to 13 days from 10 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.