March 2023 Real Estate Market Update

Home prices are trending upward once again due to a tightening in market conditions.

With the return of a more stable interest rate environment, previously sidelined buyers have released their pent-up demand on the market. Since many sellers are still sitting on the sidelines, this is creating a shortage of inventory, which, in turn, is impacting prices.

Sales accounted for an increased share of listings in March 2023, compared to March 2022, suggesting that competition between buyers is also on the rise. The average sale price in the Greater Toronto Area (GTA) — $1,108,606 — was above the average list price for the first time since May 2022.

The average price of a detached home in the GTA increased to $1,468,651 in March — a 9.6% rise compared to January. Similarly, townhouses rose to $1,036,571, an increase of 6%.

On a year-over-year basis, the average selling price was down 14.7% from $1,299,894.

However, all home types are now back in a sellers’ market due to the shortage of available properties for sale. Multiple offers have become prevalent across a number of neighbourhoods in the GTA.

Months of inventory (MOI) at the end of March was 1.5 months or 6 weeks.

Looking ahead, demand for ownership housing is expected to continue to recover this year, barring any significant increases in interest rates or unemployment numbers. It’s anticipated that first-time buyers will lead this recovery, as high average rents move more closely in line with the cost of home ownership. If sellers remain on the sidelines, sales totals will continue to trend lower than historical averages and put upward pressure on property values, which have not only stabilized in recent months but have also witnessed substantial gains since the beginning of the year.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in March. 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: $1,260,210
Number of Homes Sold: 9
Average Days on Market: 20

In the community of Alderwood, 9 homes sold in March 2023, representing a decrease of 6 homes from the same month last year. The average selling price for homes fell by 28% to $1,260,210 in March 2023, from $1,751,278 a year earlier. Sales were almost evenly split between bungalows, one-and-a-half-storey, semi-detached and two-storey detached homes in March 2023. Average days on market increased to 20 days from 19 days year-over-year.

Average home prices for Alderwood for Q1 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,599,091
Number of Homes Sold: 11
Average Days on Market: 18

In the community of Islington-City Centre West, 11 homes sold in March 2023, representing a decrease of 11 homes from the same month last year. The average selling price for homes fell by 13.1% to $1,599,091 in March 2023, from $1,839,536 a year earlier. Bungalows (4) and two-storey detached homes (4) combined accounted for nearly three-quarters of all sales in March 2023. Average days on market increased to 18 days from 8 days year-over-year.

Overall Average Condo Price: $625,759
Total Number of Condos Sold: 54
Average Days on Market: 23

In the community of Islington-City Centre West, 54 condominium apartments sold in March 2023, representing a decrease of 39 units from the same month last year. The overall average selling price for condominium apartments fell by 20% to $625,759 in March 2023, from $782,138 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West fell by 16.7% to $521,909 in March 2023, from $626,711 in March 2022. Average days on market increased to 22 days from 9 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West fell by 20.1% to $704,154 in March 2023, from $884,111 in March 2022. Average days on market increased to 25 days from 7 days over the same time period.

Average home prices for Islington-City Centre West for Q1 of 2023 are available here.

Long Branch
Average Home Price: $1,420,000
Number of Homes Sold: 7
Average Days on Market: 27

In the community of Long Branch, 7 homes sold in March 2023, representing no change from the same month last year. The average selling price for homes fell by 7.6% to $1,420,000 in March 2023, from $1,520,857 in March 2022. Sales were almost evenly split between two-storey and one-and-a-half-storey detached homes and townhouses in March 2023. Average days on market increased to 27 days from 7 days over the same time period.

Average home prices for Long Branch for Q1 of 2023 are available here.

Mimico
Average Home Price: $1,390,657
Number of Homes Sold: 13
Average Days on Market: 38

In the community of Mimico, 13 homes sold in March 2023, representing a decrease of 9 homes from the same month last year. The average selling price for homes fell by 13.5% to $1,390,657 in March 2023, from $1,607,500 a year earlier. Two-storey detached homes (5) and bungalows (4) combined accounted for more than two-thirds of all sales in March 2023. Average days on market increased to 38 days from 9 days year-over-year.

Overall Average Condo Price: $757,281
Total Number of Condos Sold: 74
Average Days on Market: 24

In the community of Mimico, 74 condominium apartments sold in March 2023, representing a decrease of 41 units from the same month last year. The overall average selling price for condominium apartments fell by 13.1% to $757,281 in March 2023, from $871,828 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico fell by 15.8% to $571,250 in March 2023, from $678,506 in March 2022. Average days on market increased to 21 days from 9 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico fell by 13.9% to $858,267 in March 2023, from $997,196 in March 2022. Average days on market increased to 23 days from 21 days over the same time period.

Average home prices for Mimico for Q1 of 2023 are available here.

New Toronto
Average Home Price: $1,109,714
Number of Homes Sold: 7
Average Days on Market: 20

In the community of New Toronto, 7 homes sold in March 2023, representing an increase of 1 home from the same month last year. The average selling price for homes fell by 40% to $1,109,714 in March 2023, from $1,850,481 a year earlier. Bungalows (5) accounted for nearly three-quarters of all sales in March 2023. Average days on market decreased to 20 days from 36 days year-over-year.

Average home prices for New Toronto for Q1 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,765,658
Number of Homes Sold: 19
Average Days on Market: 17

In the community of Stonegate-Queensway, 19 homes sold in March 2023, representing a decrease of 11 homes over the same month last year. The average selling price for homes fell by 9.3% to $1,765,658 in March 2023, from $1,946,617 a year earlier. Bungalows (9) accounted for half of all sales in March 2023, followed by two-storey detached homes (5). Average days on market increased to 17 days from 5 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 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.