November 2020 Real Estate Market Update
The Toronto Regional Real Estate Board has reported another month of sharp selling prices, defying COVID-19’s second wave.
The average selling price for all home types combined in the Greater Toronto Area (GTA) rose 13.3% to $955,615 in November 2020, from $843,307 in November 2019 — the highest rate of price appreciation for the month since 2016.
Detached homes once again led the market in price gains, seeing an increase of 15.2% year-over-year. Greatest growth was in the 905 area, with prices up by 19.2% compared to the 416 area, which saw prices rise by less than half that much at 8.7%.
The supply of homes available for sale continues to fail to keep pace with surging housing demands, driving prices higher. This is expected to push unmet buyer demand into the new year. With interest rates to remain at record low levels for the foreseeable future, the upward pressure on home prices is unlikely to abate, pointing to a market that favours property sellers in spring 2021. By next year’s end, the aggregate price of a home in the GTA is set to rise 5.75% to $990,300, according to Royal LePage‘s just released market survey forecast.
Months of inventory at the end of November for detached homes in the GTA was 1.2, indicating a very strong seller’s market. Average days on market was 19 days.
Detached homes were also most popular in the 905 region where sales were up by more than 33% year-over-year and accounted for 38% of November’s total sales of all property types. The shift toward living outside Toronto proper is driven by people seeking larger homes at a time when remote work has become more commonplace, and broad-based demographic trends, including baby boomer retirement, that pre-date the pandemic.
This trend of high demand outside Toronto is expected to slowly ease as listings in the city become more competitive against growing prices in suburban markets.
The number of condominium sales was typical for the month of November, and up slightly from a year ago. However, Toronto saw prices weaken slightly as condo listings swelled to nearly double that of November 2019. The average price of a condo apartment dipped 3% year-over-year to 640,208, from $659,855.
While the condo market is more balanced (at 3.3 months of inventory) than in previous years — modest price gains for larger units outside the city centre have offset softer demand in the downtown core where buyers are benefitting from lower selling prices compared to 2019 — this may be somewhat of a short-term phenomenon. A condo bubble burst is doubtful in the next year as the historically starved market can withstand an increase in supply for some time without significantly impacting price. As life returns to normal post-COVID, Toronto will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This should lead to an increase in demand for condo apartments in both the ownership and rental markets.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in November. If you would like statistics on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
Alderwood
Average Home Price: $1,160,527
Number of Homes Sold: 19
Average Days on Market: 20
In the community of Alderwood, 19 homes sold in November 2020, representing an increase of 9 homes from the same month last year. The average selling price for homes declined 1.8% to $1,160,527 in November 2020, from $1,177,900 a year earlier. Bungalows (9) accounted for almost half of all sales, followed by two-storey detached homes (5) in November 2020. Average days on market decreased to 20 days from 22 days year-over-year.
Average home prices for Alderwood for Q3 2020 are available here.
Islington-City Centre West
Average Home Price: $1,382,825
Number of Homes Sold: 20
Average Days on Market: 19
In the community of Islington-City Centre West, 20 homes sold in November 2020, representing an increase of 10 homes over the same month last year. The average selling price for homes rose by 18.1% to $1,382,825 in November 2020, from $1,170,680 a year earlier. Bungalows (8) accounted for almost half of all sales, followed two-storey detached homes (6) in November 2020. Average days on market remained constant at 19 days year-over-year.
Overall Average Condo Price: $554,546
Total Number of Condos Sold: 56
Average Days on Market: 23
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 1.2% to $473,167 in November 2020, from $467,556 in November 2019. Average days on market increased to 19 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 decreased 7.9% to $605,250 in November 2020, from $657,386 in November 2019. Average days on market increased to 25 days from 19 days over the same time period.
Average home and condo apartment prices for Islington-City Centre West for Q3 2020 are available here.
Long Branch
Average Home Price: $1,470,400
Number of Homes Sold: 5
Average Days on Market: 15
In the community of Long Branch, 5 homes sold in November 2020, representing a decrease of 3 homes over the same month last year. The average selling price for homes rose by 63.1% to $1,470,400 in November 2020, from $901,625 a year earlier. This significant price increase may be attributed to sales of higher end homes (almost all two-storey detached) in November 2020. Average days on market decreased to 15 days from 30 days year-over-year.
Average home prices for Long Branch for Q3 2020 are available here.
Mimico
Average Home Price: $1,384,045
Number of Homes Sold: 17
Average Days on Market: 18
In the community of Mimico, 17 homes sold in November 2020, representing an increase of 6 homes over the same month last year. The average selling price for homes increased 19.7% to $1,384,045 in November 2020, from $1,156,364 a year earlier. Two-storey detached homes (7) and three-storey townhomes (4) accounted for nearly two-thirds of all sales in November 2020. Average days on market decreased to 18 days from 22 days year-over-year.
Overall Average Condo Price: $654,264
Total Number of Condos Sold: 58
Average Days on Market: 20
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico decreased 3.4% to $504,665 in November 2020, from $522,368 in November 2019. Average days on market increased to 17 days from 16 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico decreased 2% to $712,750 in November 2020, from $727,052 in November 2019. Average days on market increased to 31 days from 29 days over the same time period.
Average home and condo apartment prices for Mimico for Q3 2020 are available here.
New Toronto
Average Home Price: $1,300,150
Number of Homes Sold: 12
Average Days on Market: 22
In the community of New Toronto, 12 homes sold in November 2020, representing an increase of 7 homes over the same month last year. The average selling price for homes rose by 42.4% to $1,300,150 in November 2020, from $913,000 a year earlier. This significant price increase may be attributed to sales of higher end homes in November 2020. Average days on market increased to 22 days from 10 days year-over-year.
Average home prices for New Toronto for Q3 2020 are available here.
Stonegate-Queensway
Average Home Price: $1,525,425
Number of Homes Sold: 20
Average Days on Market: 10
In the community of Stonegate-Queensway, 20 homes sold in November 2020, representing an increase of 2 homes over the same month last year. The average selling price for homes rose by 12.2% to $1,525,425 in November 2020, from $1,359,182 a year earlier. Two-storey detached homes (7) and bungalows (7) combined accounted for nearly three-quarters of all sales in November 2020. Average days on market decreased to 10 days from 17 days year-over-year.
Average home prices for Stonegate-Queensway for Q3 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. Accuracy is of upmost importance and information is correct at time of publication. However, it should be used for reference only as statistics and other details are subject to change without notice.
