October 2020 Real Estate Market Update
A clear split in Toronto’s real estate market emerged in October — one with buyers bidding up prices for homes in more suburban neighbourhoods at a record-setting pace, and another where buyers have their choice of condos as dwellers want out of multi-residential living, particularly in the downtown core.
Home sales in the Greater Toronto Area (GTA) were up 25.1% compared to October 2019, with the pace of annual sales growth far outstripping that of new listings. This drove average prices up nearly 14% year-over-year for all home types combined to $968,318, from $851,877.
Detached homes in Toronto once again saw the most significant price gains. The average price rose 11.2% to $1,470,857, from $1,323,015 in October 2019.
Home purchases have remained top-of-mind for many GTA residents as work-from-home situations continue and borrowing costs remain low.
Months of inventory at the end of October for both detached and semi-detached homes was 1.3, indicating a very strong seller’s market. Average days on market was 16 and 11 days, respectively.
Conversely, sales were only up 2.2% over the same period in the condominium apartment market, which experienced more than double the new listings compared to October 2019. As a result, the condo sector has nearly flattened, with prices up only 0.8% year-over-year to $668,161, from $662,631.
Pre-COVID polling by the Toronto Regional Real Estate Board (TRREB) pointed to an increase in investor selling in 2020. The pandemic has only added to this trend with a stall in economic growth and a halt to tourism impacting cash flows for many condo investors.
Months of inventory for condo apartments in the GTA at the end of October was 3.4. It was higher at 4 in Toronto proper. These numbers indicate a balanced market in this real estate segment. Average days on market was 22 and 21 days, respectively.
Looking beyond COVID-19, TRREB expects high demand for housing to continue. This is partly based on the federal government’s immigration targets of more than 400,000 people for each of the next three years, announced Oct. 30. The GTA will undoubtedly continue to benefit from this population growth.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in October. If you would like statistics on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
Alderwood
Average Home Price: $1,273,778
Number of Homes Sold: 18
Average Days on Market: 14
In the community of Alderwood, 18 homes sold in October 2020, representing no change from the same month last year. The average selling price for homes rose 41.9% to $1,273,778 in October 2020, from $897,772 a year earlier. This significant percentage change may be attributed to more sales of higher end homes in October 2020. Bungalows (7) and two-storey detached homes (6) combined accounted for nearly three-quarters of all sales. Average days on market decreased to 14 days from 23 days year-over-year.
Average home prices for Alderwood for Q3 2020 are available here.
Islington-City Centre West
Average Home Price: $1,472,615
Number of Homes Sold: 27
Average Days on Market: 15
In the community of Islington-City Centre West, 27 homes sold in October 2020, representing an increase of 11 homes over the same month last year. The average selling price for homes rose by 32.6% to $1,472,615 in October 2020, from $1,110,313 a year earlier. Bungalows (12) accounted for one-third of all sales, followed by two-storey detached homes (11). Average days on market decreased to 15 days from 18 days year-over-year.
Overall Average Condo Price: $557,392
Total Number of Condos Sold: 43
Average Days on Market: 20
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 7.5% to $481,000 in October 2020, from $447,267 in October 2019. Average days on market decreased to 17 days from 21 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 10.4% to $632,145 in October 2020, from $572,661 in October 2019. Average days on market decreased to 19 days from 22 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: $1,242,636
Number of Homes Sold: 11
Average Days on Market: 9
In the community of Long Branch, 11 homes sold in October 2020, representing a decrease of 2 homes over the same month last year. The average selling price for homes declined by 3.5% to $1,242,636 in October 2020, from $1,288,288 a year earlier. Sales were fairly evenly split between all home types in October 2020. Average days on market decreased to 9 days from 11 days year-over-year.
Average home prices for Long Branch for Q3 2020 are available here.
Mimico
Average Home Price: $1,064,631
Number of Homes Sold: 23
Average Days on Market: 9
In the community of Mimico, 23 homes sold in October 2020, representing an increase of 10 homes over the same month last year. The average selling price for homes declined 4.4% to $1,064,631 in October 2020, from $1,113,308 a year earlier. Bungalows (9) and three-storey townhomes (6) combined accounted for two-thirds of all sales in October 2020. Average days on market decreased to 9 days from 24 days year-over-year.
Overall Average Condo Price: $660,428
Total Number of Condos Sold: 72
Average Days on Market: 23
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 2.6% to $501,800 in October 2020, from $489,269 in October 2019. Average days on market increased to 34 days from 14 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 2.3% to $674,556 in October 2020, from $659,205 in October 2019. Average days on market decreased to 19 days from 57 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: $1,038,810
Number of Homes Sold: 21
Average Days on Market: 13
In the community of New Toronto, 21 homes sold in October 2020, representing an increase of 13 homes over the same month last year. The average selling price for homes declined 1.1% to $1,038,810 in October 2020, from $1,050,875 a year earlier. Two-storey detached homes (8) and bungalows (7) combined accounted for nearly three-quarters of all sales in October 2020. Average days on market decreased to 13 days from 24 days year-over-year.
Average home prices for New Toronto for Q3 2020 are available here.
Stonegate-Queensway
Average Home Price: $1,522,581
Number of Homes Sold: 25
Average Days on Market: 17
In the community of Stonegate-Queensway, 25 homes sold in October 2020, representing a decrease of 1 home over the same month last year. The average selling price for homes rose 4.4% to $1,522,581 in October 2020, from $1,458,005 a year earlier. Two-storey detached homes (9) and bungalows (9) combined accounted for nearly three-quarters of all sales in October 2020. Average days on market decreased to 17 days from 18 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.
