March 2020 Real Estate Market Update

Despite the warming spring weather, the housing market continues to cool as real estate listings dry up amid the COVID-19 pandemic.

Toronto home sales plummeted 27% the last two weeks of March, after both the federal and provincial governments announced measures to curb the spread of the novel coronavirus. The market was roaring the first 14 days of the month, with the Toronto Regional Real Estate Board (TRREB) reporting nearly 4,650 sales, up almost 50% from the same time period last year. The second half of March saw less than 3,370 sales, down 16% from a year earlier.

Similar to sales, new listings dropped 18.4% year-over-year after March 15, which the board cites as the start of the post-COVID-19 period.

TRREB attributes uncertainty surrounding the outbreak’s impact on the broader economy, including employment, and the onset of necessary social distancing measures for the decline in sales and new listings. However, despite both figures trending lower in the second half of March, demand for homeownership was strong enough relative to listings to see the average selling price remain above 2019’s levels, including during the last few days of the month.

The average selling price for March 2020 as a whole rose by 14.5% to $902,680, from $788,133 in March 2019. In Toronto, the condo market led the way, with the average cost jumping 18% to $712,746 from $603,969 year-over-year. The average cost of a detached home was up 15.6% — $1,465,826 in March 2020 compared to $1,267,598 in March 2019.

The average selling price for sales reported between March 15-31 was $862,563, down from the first half of the month, but still up by 10.5% compared to the same period last year.

Months of inventory (or supply) at the end of March was 1.3, up just slightly from 1.2 in February.

While 2020 started with a near-record pace for home sales in the first quarter and double-digit annual rates of price growth, the spring market could see a moderation if conditions soften due to a combination of slower sales and an uptick in listings. Should COVID-19 infections peak in spring and there is a loosening of social distancing measures starting in mid-to-late summer, TRREB says there could be a strengthening in demand for homeownership throughout fall and into winter. News of employees returning to work from furlough coupled with the continuation of extremely low mortgage rates could fuel this recovery. A resumption of tighter market conditions and an improving pace of price growth would then likely occur.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in March as a whole. 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: $1,101,350
Number of Homes Sold: 10
Average Days on Market: 30

In the community of Alderwood, 10 homes sold in March 2020, representing a decrease of 1 home over the same month last year. The average selling price for homes increased 15.3% to $1,101,350 in March 2020, from $955,455 a year earlier. Bungalows accounted for almost half of all sales (4) in March 2020. Average days on market nearly doubled to 30 days from 16 days year-over-year.

Average home prices for Alderwood for Q1 2020 are available here.

Islington-City Centre West
Average Home Price: $1,466,300
Number of Homes Sold: 10
Average Days on Market: 14

In the community of Islington-City Centre West, 10 homes sold in March 2020, representing a decrease of 7 homes over the same month last year. The average selling price for homes increased by 6.3% to $1,466,300 in March 2020, from $1,379,735 a year earlier. Detached two-storey homes and bungalows combined accounted for more than two-thirds of sales (7) in March 2020. Average days on market decreased to 14 days from 20 days year-over-year.

Overall Average Condo Price: $597,063
Total Number of Condos Sold: 41
Average Days on Market: 9

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 23.1% to $521,011 in March 2020, from $423,413 in March 2019. Average days on market decreased to 6 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 5% to $633,417 in March 2020, from $603,287 in March 2019. Average days on market decreased to 8 days from 18 days over the same time period.

Average home and condo apartment prices for Islington-City Centre West for Q1 2020 are available here.

Long Branch
Average Home Price: $970,250
Number of Homes Sold: 4
Average Days on Market: 6

In the community of Long Branch, 4 homes sold in March 2020, representing a decrease of 5 homes over the same month last year. The average selling price for homes rose 3.4% to $970,250 in March 2020, from $938,469 a year earlier. Bungalows accounted for three-quarters of sales (3) in March 2020. Average days on market decreased to 6 days from 13 days year-over-year.

Average home prices for Long Branch for Q1 2020 are available here.

Mimico
Average Home Price: $1,210,329
Number of Homes Sold: 13
Average Days on Market: 6

In the community of Mimico, 13 homes sold in March 2020, representing a decrease of 3 homes over the same month last year. The average selling price for homes rose 23.5% to $1,210,329 in March 2020, from $980,000 a year earlier. Three-storey townhomes and bungalows combined accounted for more than half of sales (7) in March 2020. Average days on market significantly decreased to 6 days from 23 days year-over-year.

Overall Average Condo Price: $690,422
Total Number of Condos Sold: 85
Average Days on Market: 17

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 22.7% to $565,062 in March 2020, from $460,632 in March 2019. Average days on market decreased to 11 days from 24 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 14.3% to $739,094 in March 2020, from $646,810 in March 2019. Average days on market increased to 35 days from 21 days over the same time period.

Average home and condo apartment prices for Mimico for Q1 2020 are available here.

New Toronto
Average Home Price: $1,010,200
Number of Homes Sold: 5
Average Days on Market: 7

In the community of New Toronto, 5 homes sold in March 2020, representing a decrease of 1 home over the same month last year. The average selling price for homes declined 19.4% to $1,010,200 in March 2020, from $1,253,000 a year earlier. This percentage decrease could be attributed to fewer sales of high-end homes. Detached two-storey homes and bungalows accounted for all sales in March 2020. Average days on market decreased to 7 days from 20 days year-over-year.

Average home prices for New Toronto for Q1 2020 are available here.

Stonegate-Queensway
Average Home Price: $1,280,813
Number of Homes Sold: 16
Average Days on Market: 8

In the community of Stonegate-Queensway, 16 homes sold in March 2020, representing an increase of 7 homes over the same month last year. The average selling price for homes rose 10.6% to $1,280,813 in March 2020, from $1,134,750 a year earlier. Bungalows accounted for nearly half of all sales (7) in March 2020, followed by 1.5-storey homes (4). Average days on market decreased to 8 days from 14 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 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.