May 2022 Real Estate Market Update

The Greater Toronto Area (GTA) real estate market saw more adjustments in May, mainly as a reaction to rising interest rates as a measure to combat inflation.

In what’s usually one of the hottest months for sales, a total of 7,283 homes changed hands, down nearly 40% from May 2021, and a 9% decrease from April of this year.

The average selling price also dipped slightly from the previous month to $1,212,806 in May, from $1,254,436. The average price is still up 9.4% over last year’s average of $1,108,124.

The benchmark price for all home types — detached, semi-detached, townhouse and condo apartment — were up year-over-year and most by double digits. However, all experienced month-over-month price declines between 4% and 5%, with the exception of the condo sector, which saw prices fall 2.4%.

Conversely, active listings at the end of May were up on both a month-over-month (18%) and year-over-year (26%) basis. As a result, buyers had greater negotiating power for some properties.

With the Bank of Canada expected to raise interest rates again in July, many potential buyers are waiting for a bottoming out in prices, which has led to more balance in the market. Months of inventory at the end of May was 2.1, up from three weeks in February when the market was red-hot.

While the trend of buyers sitting on the sidelines will likely continue through the summer months, homebuyers will start to adjust to higher borrowing costs and housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration. September is going to be a telltale month because, as the start of the fall buying season, it will be a good indicator of how quickly the housing market will recover from the initial shock of rising interest rates.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in May. 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: $1,437,531
Number of Homes Sold: 11
Average Days on Market: 10

In the community of Alderwood, 11 homes sold in May 2022, representing a decrease of 13 homes over the same month last year. The average selling price for homes rose by 12.7% to $1,437,531 in May 2022, from $1,275,858 a year earlier. From April to May of this year, the average selling price rose by 2.8% from $1,398,868. Bungalows (4) accounted for just over one-third of all sales in May 2022, followed by two-storey detached homes (4). Average days on market increased to 10 days from 8 days year-over-year.

Average home prices for Alderwood for Q1 of 2022 are available here.

Islington-City Centre West
Average Home Price: $2,175,659
Number of Homes Sold: 20
Average Days on Market: 13

In the community of Islington-City Centre West, 20 homes sold in May 2022, representing a decrease of 8 homes over the same month last year. The average selling price for homes rose by 27.1% to $2,175,659 in May 2022, from $1,711,778 a year earlier. From April to May of this year, the average selling price fell by 3.1% from $2,245,429. Two-storey detached homes (8) accounted for nearly half of all sales in May 2022, followed by bungalows (4). Average days on market increased to 13 days from 8 days year-over-year.

Overall Average Condo Price: $698,996
Total Number of Condos Sold: 48
Average Days on Market: 12

The overall average selling price for condominium apartments in Islington-City Centre West increased by 12% to $698,996 in May 2022, from $624,091 a year earlier. From April to May of this year, the average selling price fell by 2.8% from $719,044.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 9.8% to $570,600 in May 2022, from $519,769 in May 2021. Average days on market remained constant at 13 days.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West fell by 3.3% to $729,000 in May 2022, from $753,933 in May 2021. Average days on market increased to 15 days from 14 days over the same time period.

Average home prices for Islington-City Centre West for Q1 of 2022 are available here.

Long Branch
Average Home Price: $1,455,272
Number of Homes Sold: 11
Average Days on Market: 15

In the community of Long Branch, 11 homes sold in May 2022, representing a decrease of 1 home from the same month last year. The average selling price for homes rose by 4.6% to $1,455,272 in May 2022, from $1,391,160 a year earlier. From April to May of this year, the average selling price fell by 8.4% from $1,588,875. Sales were split between a variety of home types in May 2022. Average days on market increased to 15 days from 12 days year-over-year.

Average home prices for Long Branch for Q1 of 2022 are available here.

Mimico
Average Home Price: $1,322,682
Number of Homes Sold: 11
Average Days on Market: 9

In the community of Mimico, 11 homes sold in May 2022, representing a decrease of 7 homes over the same month last year. The average selling price for homes fell by 15% to $1,322,682 in May 2022, from $1,555,611 a year earlier. From April to May of this year, the average selling price fell by 18.8% from $1,628,267. Sales were split between a variety of home types in May 2022. Average days on market decreased to 9 days from 15 days year-over-year.

Overall Average Condo Price: $759,089
Total Number of Condos Sold: 73
Average Days on Market: 17

The overall average selling price for condominium apartments in Mimico decreased by 0.39% to $759,089 in May 2022, from $762,085 a year earlier. From April to May of this year, the average selling price fell by 6.1% from $808,374.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 10.4% to $639,394 in May 2022, from $579,283 in May 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 Mimico rose by 2.1% to $831,560 in May 2022, from $814,581 in May 2021. Average days on market decreased to 13 days from 18 days over the same time period.

Average home prices for Mimico for Q1 of 2022 are available here.

New Toronto
Average Home Price: $1,278,645
Number of Homes Sold: 11
Average Days on Market: 16

In the community of New Toronto, 11 homes sold in May 2022, representing no change from the same month last year. The average selling price for homes fell by 0.14% to $1,278,645 in May 2022, from $1,280,393 a year earlier. From April to May of this year, the average selling price fell by 22.3% from $1,646,167. Two-storey detached homes (6) accounted for more than half of all sales in May 2022. Average days on market increased to 16 days from 11 days year-over-year.

Average home prices for New Toronto for Q1 of 2022 are available here.

Stonegate-Queensway
Average Home Price: 2,174,537
Number of Homes Sold: 27
Average Days on Market: 8

In the community of Stonegate-Queensway, 27 homes sold in May 2022, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 37.6% to 2,174,537 in May 2022, from $1,580,384 a year earlier. From April to May of this year, the average selling price rose by 26% from $1,726,036. Two-storey detached homes (11) accounted for 40% of all sales in May 2022, followed by bungalows (7). Average days on market increased to 8 days from 7 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 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.