October 2019 Real Estate Market Update

Toronto home prices continued to rise in October, as listings plunged.

The average selling price for all home types combined was up by 5.5% to $852,142, compared to $807,538 in October 2018.

Prices increased 1.1% or $9,027 month-over-month from $843,115 in September.

The number of residential properties sold rose to 8,491 in October 2019, from 7,448 a year earlier, representing an increase of 14%. GTA-wide, sales were up on a year-over-year basis for all major home types.

New listings declined 9.6% over the same time period. There were 13,050 new listings in the GTA during the month, down from 14,435 in October 2018. The number of active listings also shrank by 18.8% to 15,375 from 18,926.

Average days on the market was 23 days.

As market conditions have steadily tightened throughout 2019, the GTA has seen an acceleration in the annual rate of price growth. While the current pace remains moderate, the Toronto Real Estate Board expects to see stronger price growth moving forward if selling activity continues to rise and supply shrinks, leading to more competition between homebuyers.

Months of inventory (or supply) dropped 17.9% and currently sits at 1.8, the lowest it has been since the foreign homebuyers’ tax was implemented in 2017, indicating the city is in a very strong seller’s market.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in October.

Alderwood
Average Home Price: $897,722
Number of Homes Sold: 18
Average Days on Market: 23

In the community of Alderwood, 18 homes sold in October 2019, representing no change from the same month last year. The average selling price for homes decreased 6.1% to $897,722 in October 2019, from $955,750 a year earlier. Bungalows accounted for just over half (10) of all sales. Average days on the market increased to 23 days from 15 days year-over-year.

Islington-City Centre West
Average Home Price: $1,119,000
Number of Homes Sold: 15
Average Days on Market: 17

In the community of Islington-City Centre West, 15 homes sold in October 2019, representing a decrease of 25% (or 5 homes) over the same month last year. The average selling price for homes also declined by 6.9% to $1,119,000 in October 2019, from $1,202,025 a year earlier. Bungalows accounted for nearly half (7) of all sales, followed by two-storey detached homes (4). Average days on the market increased to 17 days from 14 days year-over-year.

Overall Average Condo Price: $534,649
Total Number of Condos Sold: 46
Average Days on Market: 22

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 7.5% to $456,688 in October 2019, from $424,750 in October 2018. Average days on the market increased to 20 days from 17 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 2.6% to $571,142 in October 2019, from $556,542 in October 2018. Average days on the market increased to 24 days from 20 days over the same time period.

Long Branch
Average Home Price: $1,288,288
Number of Homes Sold: 8
Average Days on Market: 11

In the community of Long Branch, 8 homes sold in October 2019, representing a decrease of 20% (or 2 homes) over the same month last year. The average selling price for homes increased 4.6% to $1,288,288 in October 2019, from $1,231,490 a year earlier. Two-storey detached homes accounted for just over half (5) of all sales. Average days on the market decreased to 11 days from 18 days year-over-year.

Mimico
Average Home Price: $1,097,750
Number of Homes Sold: 12
Average Days on Market: 22

In the community of Mimico, 12 homes sold in October 2019, representing a decrease of 42.9% (or 9 homes) over the same month last year. The average selling price for homes rose 13.8% to $1,097,750 in October 2019, from $964,692 a year earlier. Two-storey detached homes accounted for half (6) of all sales, followed by bungalows (3). Average days on the market remained constant at 22 days year-over-year.

Overall Average Condo Price: $663,064
Total Number of Condos Sold: 84
Average Days on Market: 34

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 4.1% to $485,036 in October 2019, from $465,871 in October 2018. Average days on the market decreased to 15 days from 20 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 0.5% to $656,205 in October 2019, from $652,955 in October 2018. Average days on the market increased significantly to 57 days from 16 days over the same time period.

New Toronto
Average Home Price: $1,050,875
Number of Homes Sold: 8
Average Days on Market: 24

In the community of New Toronto, 8 homes sold in October 2019, representing a decrease of 11.1% (or 1 home) over the same month last year. The average selling price for homes rose 14.3% to $1,050,875 in October 2019, from $919,500 a year earlier. Two-storey detached homes accounted for half (4) of all sales. Average days on the market increased to 24 days from 7 days year-over-year.

Stonegate-Queensway
Average Home Price: $1,458,005
Number of Homes Sold: 26
Average Days on Market: 18

In the community of Stonegate-Queensway, 26 homes sold in October 2019, representing a decrease of 27.8% (or 10 homes) over the same month last year. The average selling price for homes rose 15.4% to $1,458,005 in October 2019, from $1,263,417 a year earlier. Two-storey detached homes accounted for almost half (11) of all sales, followed by bungalows (7). Average days on the market increased to 18 days from 12 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.