May 2023 Real Estate Market Update

The housing market in the Greater Toronto Area (GTA) continued its upward trajectory in May, displaying an impressive rally in home prices. The average price surged by $42,832, marking the second consecutive month of substantial gains exceeding $40,000. This is particularly noteworthy when compared to the market bottom observed in January, where properties were selling at an average of $1,038,668. Since then, home values have experienced a commendable recovery, reclaiming $157,433 of the previously incurred losses. (The average price for all home types was just shy of $1.2 million in May.)

The resilience of the GTA housing market is undeniably apparent, with an extraordinary rebound that has recouped 53% of the losses incurred during an 11-month period marked by eight consecutive interest rate increases. Remarkably, this substantial recovery has materialized in just four months, reflecting the market’s exceptional resilience and adaptability.

The recovery rally in 2023 has been widespread, with all home types fuelling it. Leading the recovery march is semi-detached homes, which has recouped more than $188,000 or 54% since January, bringing the average sale price in May to $1,198,185. The townhouse and condo market segments have also made significant strides, recovering more than 50% of their losses, with price increases of $163,384 and $60,787, respectively. Consequently, the average sales prices for townhouses and condos during May stood at $1,117,696 and $748,483. The detached market, although lagging in comparison, has still achieved an impressive recovery of 47%, amounting to $214,718, resulting in an average sale price of $1,556,566.

The persistently low levels of inventory continue to exert upward pressure on sale prices, resulting from historically low levels of homes for sale across the overall market. In May, there were only 11,868 properties for sale, representing a 31% decrease compared to the average of the preceding 10 years.

Despite the limited inventory, sales have shown improvement across all market segments. In May, there were 9,012 sales, a rise of 1,418 compared to the previous month. Notably, the condo market led the way with 2,568 sales.

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: $1,498,782
Number of Homes Sold: 17
Average Days on Market: 14

In the community of Alderwood, 17 homes sold in May 2023, representing an increase of 6 homes from the same month last year. The average selling price for homes rose by 4.3% to $1,498,782 in April 2023, from $1,437,531 a year earlier. Bungalows (6) and two-storey detached homes (5) combined accounted for nearly two-thirds of all sales in May 2023. Average days on market increased to 14 days from 10 days year-over-year.

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

Islington-City Centre West
Average Home Price: $1,697,599
Number of Homes Sold: 22
Average Days on Market: 11

In the community of Islington-City Centre West, 22 homes sold in May 2023, representing an increase of 2 homes from the same month last year. The average selling price for homes fell by 22% to $1,697,599 in May 2023, from $2,175,659 a year earlier. Two-storey detached homes (10) accounted for nearly half of all sales in May 2023, followed by bungalows (7). Average days on market decreased to 11 days from 13 days year-over-year.

Overall Average Condo Price: $678,238
Total Number of Condos Sold: 58
Average Days on Market: 21

In the community of Islington-City Centre West, 58 condominium apartments sold in May 2023, representing an increase of 10 units from the same month last year. The overall average selling price fell by 3% to $678,238 in May 2023, from $698,996 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 3.5% to $550,556 in May 2023, from $570,600 in May 2022. Average days on market increased to 23 days from 13 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 3.1% to $751,727 in May 2023, from $729,000 in May 2022. Average days on market remained constant at 15 days year-over-year.

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

Long Branch
Average Home Price: $1,371,458
Number of Homes Sold: 12
Average Days on Market: 12

In the community of Long Branch, 12 homes sold in May 2023, representing an increase of 1 home from the same month last year. The average selling price for homes fell by 5.6% to $1,371,458 in May 2023, from $1,455,272 in May 2022. Two-storey detached homes (5) and bungalows (4) combined accounted for three-quarters of all sales in May 2023. Average days on market decreased to 12 days from 15 days over the same time period.

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

Mimico
Average Home Price: $1,327,772
Number of Homes Sold: 19
Average Days on Market: 19

In the community of Mimico, 19 homes sold in May 2023, representing an increase of 8 homes from the same month last year. The average selling price for homes rose by 0.4% to $1,327,772 in May 2023, from $1,322,682 a year earlier. Two-storey and three-storey detached homes (10) accounted for more than half of all sales in May 2023. Average days on market increased to 19 days from 9 days year-over-year.

Overall Average Condo Price: $809,170
Total Number of Condos Sold: 96
Average Days on Market: 18

In the community of Mimico, 96 condominium apartments sold in May 2023, representing an increase of 23 units from the same month last year. The overall average selling price rose by 6.6% to $809,170 in May 2023, from $759,089 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 3.6% to $616,304 in May 2023, from $639,394 in May 2022. Average days on market decreased to 9 days from 18 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 4.2% to $866,630 in May 2023, from $831,560 in May 2022. Average days on market increased to 20 days from 13 days over the same time period.

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

New Toronto
Average Home Price: $1,287,667
Number of Homes Sold: 9
Average Days on Market: 21

In the community of New Toronto, 9 homes sold in May 2023, representing a decrease of 2 homes from the same month last year. The average selling price for homes rose by 0.7% to $1,287,667 in May 2023, from $1,278,645 a year earlier. Two-storey detached homes (5) comprised more than half of all sales in May 2023, followed by bungalows (3). Average days on market decreased to 9 days from 16 days year-over-year.

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

Stonegate-Queensway
Average Home Price: $1,740,300
Number of Homes Sold: 21
Average Days on Market: 19

In the community of Stonegate-Queensway, 21 homes sold in May 2023, representing a decrease of 6 homes over the same month last year. The average selling price for homes fell by 20% to $1,740,300 in May 2023, from 2,174,537 a year earlier. Bungalows (9) accounted for nearly half of all sales in May 2023, followed by two-storey detached homes (5). Average days on market increased to 19 days from 8 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.