November 2019 Real Estate Market Update
The Toronto real estate market is heating up and getting competitive as home sales and prices climbed from a year ago, while new listings plummeted.
The average selling price for all home types was up by 7.1% to $843,637 in November 2019, compared to $787,349 in November 2018.
On a seasonally adjusted basis, the average selling price increased 0.6% over October 2019.
The number of residential properties sold rose to 7,090 in November 2019, from 6,206 a year earlier, representing an increase of 14.2%.
Across the Greater Toronto Area (GTA), sales were up on a year-over-year basis for all major market segments. Annual sales growth in ground-oriented home types, including detached houses, led the way. Almost half of all sales in the GTA were detached homes (46%), followed by condominium apartments (26.8%), townhouses (16.5%) and semi-detached homes (9.4%). However, in Toronto proper, condominium apartments accounted for 50% of all sales because of their greater affordability.
Average days on the market was 24 days.
New listings entered into the Toronto Real Estate Board’s (TREB) MLS system in November, and the active listings count at the end of the month, went in the opposite direction compared to last year, with new listings down 17.9% to 8,650 in November 2019, from 10,538 in November 2018, and active listings down 27.2% to 11,958 from 16,420 over the same time period.
Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has culminated in an acceleration in price growth. TREB expects prices to continue to rise next year if there’s no relief on the listings supply front.
Royal LePage predicts the median price of a two-storey detached home in the GTA will increase 4.5% in 2020 to $1,027,200. The median price of a condo is expected to climb 6% to $600,000.
Months of inventory (or supply) currently sits at 1.7, the lowest it has been all year. This indicates the city is in a very strong seller’s market and buyers are facing bidding wars on many properties for sale.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in November.
Alderwood
Average Home Price: $1,177,900
Number of Homes Sold: 10
Average Days on Market: 22
In the community of Alderwood, 10 homes sold in November 2019, a decrease of four homes over the same month last year. The average selling price for homes increased 14.6% to $1,177,900 in November 2019, from $1,028,143 a year earlier. Two-storey homes (detached and semi-detached) accounted for half of all sales. Average days on the market decreased to 22 days from 25 days year-over-year.
Islington-City Centre West
Average Home Price: $1,170,680
Number of Homes Sold: 10
Average Days on Market: 19
In the community of Islington-City Centre West, 10 homes sold in November 2019, a decrease of nine homes over the same month last year. The average selling price for homes also declined by 4.4% to $1,170,680 in November 2019, from $1,224,368 a year earlier. This could be attributed to fewer sales of high-end homes. Bungalows accounted for more than half of all sales in November 2019. Average days on the market decreased significantly to 19 days from 33 days year-over-year.
Overall Average Condo Price: $582,108
Total Number of Condos Sold: 49
Average Days on Market: 17
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 11.3% to $467,556 in November 2019, from $420,242 in November 2018. Average days on the market decreased significantly to 9 days from 28 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 15.5% to $647,847 in November 2019, from $560,990 in November 2018. Average days on the market increased to 23 days from 20 days over the same time period.
Long Branch
Average Home Price: $901,625
Number of Homes Sold: 8
Average Days on Market: 30
In the community of Long Branch, eight homes sold in November 2019, an increase of two homes over the same month last year. The average selling price for homes also increased 2.8% to $901,625 in November 2019, from $877,000 a year earlier. Two-storey homes (detached and semi-detached) accounted for half of all sales, followed by bungalows. Average days on the market decreased significantly to 30 days from 77 days year-over-year.
Mimico
Average Home Price: $1,156,364
Number of Homes Sold: 11
Average Days on Market: 22
In the community of Mimico, 11 homes sold in November 2019, representing no change over the same month last year. However, the average selling price for homes rose 17.4% to $1,156,364 in November 2019, from $985,370 a year earlier. Two-storey detached homes accounted for approximately one-third of all sales, followed by three-storey townhouses. Average days on the market remained constant at 22 days year-over-year.
Overall Average Condo Price: $724,851
Total Number of Condos Sold: 81
Average Days on Market: 25
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 18.2% to $522,368 in November 2019, from $442,017 in November 2018. Average days on the market decreased to 16 days from 21 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 6% to $727,052 in November 2019, from $685,600 in November 2018. Average days on the market increased to 29 days from 20 days over the same time period.
New Toronto
Average Home Price: $913,000
Number of Homes Sold: 5
Average Days on Market: 10
In the community of New Toronto, five homes sold in November 2019, a decrease of one home over the same month last year. The average selling price for homes rose 9.7% to $913,000 in November 2019, from $831,967 a year earlier. Two-storey homes (detached and semi-detached) accounted for more than half of all sales. Average days on the market decreased to 10 days from 24 days year-over-year.
Stonegate-Queensway
Average Home Price: $1,359,182
Number of Homes Sold: 18
Average Days on Market: 17
In the community of Stonegate-Queensway, 18 homes sold in November 2019, a decrease of two homes over the same month last year. The average selling price for homes also declined 9.5% to $1,359,182 in November 2019, from $1,501,438 a year earlier. The decline could be attributed to fewer sales of high-end homes. Two-storey detached homes and bungalows accounted for two-thirds of all sales combined. Average days on the market remained constant at 17 days year-over-year.
Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.
