November 2022 Real Estate Market Update

Greater Toronto Area (GTA) sale prices remained stable in November, at an average of just under $1.1 million — a number that has remained relatively unchanged since August.

The persistent lack of inventory is primarily behind why the downward trend in home prices has flattened over the last four months. Average months of available inventory have plateaued since summer, with only 2.3 months of inventory currently available for sale.

The average selling price for all home types combined was down by 7.2% year-over-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.

While typically a quiet month of market activity based on seasonal patterns, November home sales lagged below the region’s long-term averages and were down markedly compared to the same month last year.

The Toronto Regional Real Estate Board (TRREB) reported 4,544 sales through its MLS system — a decline of 49% compared to November 2021, but remaining at a similar level to October, especially after considering the recurring seasonal downward trend in the fall.

Homes for sale continue to get snapped up quickly by buyers, averaging 22 days on the market, the same average we have seen since mid-late summer.

TRREB maintains that increased borrowing costs represent a short-term shock to the housing market. Over the medium to long-term, the demand for ownership housing is expected to pick up strongly, fuelled by the recently announced increase in federal immigration targets. A huge share of this immigration will be pointed at the GTA in the coming years and all these people will require a place to live, with the majority looking to buy. This will result in a surge in demand and accompanying upward pressure on pricing.

Looking to the immediate future, rising interest rates will keep market activity quiet in early 2023. Once the Bank of Canada is done with its rate hike cycle, and following a period of stable interest rates, it is anticipated that market activity will return to more seasonal norms. The impact of additional demand on already tight supply will create a more competitive environment for buyers and sellers than what’s expected over the ensuing winter months.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in November. 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: $991,200
Number of Homes Sold: 5
Average Days on Market: 23

In the community of Alderwood, 5 homes sold in November 2022, representing a decrease of 7 homes from the same month last year. The average selling price for homes fell by 30.1% to $991,200 in November 2022, from $1,421,729 a year earlier. From October to November of this year, the overall average selling price dropped by 26.5%, from $1,348,500. Both significant yearly and monthly percentage changes may be attributed to, at least in part, sales of lower end homes in November 2022, with bungalows (4) accounting for almost all sales. Average days on market increased to 23 days from 13 days year-over-year.

Average home prices for Alderwood for Q3 of 2022 are available here.

Islington-City Centre West
Average Home Price: $1,395,688
Number of Homes Sold: 8
Average Days on Market: 17

In the community of Islington-City Centre West, 8 homes sold in November 2022, representing a decrease of 9 homes from the same month last year. The average selling price for homes fell by 22.6% to $1,395,688 in November 2022, from $1,803,400 a year earlier. From October to November of this year, the overall average selling price rose by 5.3%, from $1,325,059. Bungalows (3) and two-storey detached homes (2) combined accounted for more than half of all sales in November 2022. Average days on market increased to 17 days from 16 days year-over-year.

Overall Average Condo Price: $619,751
Total Number of Condos Sold: 18
Average Days on Market: 23

The overall average selling price for condominium apartments in Islington-City Centre West remained steady, dipping by just 0.05% to $619,751 in November 2022, from $620,044 a year earlier. From October to November of this year, the overall average selling price fell by 2.8%, from $637,294.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 8.7% to $555,840 in November 2022, from $511,306 in November 2021. Average days on market increased to 29 days from 18 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West fell by 7.1% to $649,250 in November 2022, from $698,732 in November 2021. Average days on market increased to 21 days from 16 days over the same time period.

Average home prices for Islington-City Centre West for Q3 of 2022 are available here.

Long Branch
Average Home Price: $1,444,643
Number of Homes Sold: 7
Average Days on Market: 30

In the community of Long Branch, 7 homes sold in November 2022, representing a decrease of 3 homes from the same month last year. The average selling price for homes rose by 1.7% to $1,444,643 in November 2022, from $1,421,000 in November 2021. From October to November of this year, the overall average selling price increased by 22.7%, from $1,177,800. This significant month-over-month percentage change may be attributed to sales of higher end homes in November 2022. Sales were split between three-storey townhomes (3), two-storey detached homes (2) and bungalows (2) in November 2022. Average days on market increased to 30 days from 10 days over the same time period.

Average home prices for Long Branch for Q3 of 2022 are available here.

Mimico
Average Home Price: $1,124,350
Number of Homes Sold: 10
Average Days on Market: 15

In the community of Mimico, 10 homes sold in November 2022, representing no change from the same month last year. The average selling price for homes fell by 23.6% to $1,124,350 in November 2022, from $1,472,059 a year earlier. From October to November of this year, the overall average selling price dropped by 19.4%, from $1,395,000. This significant month-over-month percentage change may be attributed to, at least in part, sales of lower end homes in November 2022. Bungalows (5) accounted for half of all sales in November 2022, followed by two-storey detached homes (2). Average days on market increased to 15 days from 11 days year-over-year.

Overall Average Condo Price: $759,221
Total Number of Condos Sold: 37
Average Days on Market: 26

The overall average selling price for condominium apartments in Mimico rose by 1.3% to $759,221 in November 2022, from $749,129 a year earlier. From October to November of this year, the overall average selling price fell by 8.1%, from $826,055.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 1.9% to $579,400 in November 2022, from $568,866 in November 2021. Average days on market increased to 43 days from 23 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico fell by 8.4% to $754,444 in November 2022, from $823,477 in November 2021. Average days on market increased to 31 days from 25 days over the same time period.

Average home prices for Mimico for Q3 of 2022 are available here.

New Toronto
Average Home Price: $1,421,769
Number of Homes Sold: 11
Average Days on Market: 27

In the community of New Toronto, 11 homes sold in November 2022, representing an increase of 4 homes from the same month last year. The average selling price for homes fell by 10.6% to $1,421,769 in November 2022, from $1,590,714 a year earlier. From October to November of this year, the overall average selling price dropped by 15%, from $1,673,333. Bungalows (5) accounted for nearly half of all sales in November 2022, followed by two-storey detached homes (3). Average days on market increased to 27 days from 11 days year-over-year.

Average home prices for New Toronto for Q3 of 2022 are available here.

Stonegate-Queensway
Average Home Price: $1,686,091
Number of Homes Sold: 11
Average Days on Market: 12

In the community of Stonegate-Queensway, 11 homes sold in November 2022, representing a decrease of 10 homes over the same month last year. The average selling price for homes fell by 13.8% to $1,686,091 in November 2022, from $1,957,020 a year earlier. From October to November of this year, the overall average selling price rose by 14.9%, from $1,467,038. Two-storey detached homes (5) accounted for nearly half of all sales in November 2022, followed by bungalows (4). Average days on market remained constant year-over-year at 12 days.

Average home prices for Stonegate-Queensway for Q3 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.