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October 2022 Real Estate Market Update

October 2022 Real Estate Market Update

October marked the third straight month that prices held steady in the Greater Toronto Area (GTA), after values retreated following interest rate increases in spring and early summer.

The average price of a home was just under $1.1 million, up 1% since August of this year. (Year-over-year, home prices fell by 5.7%.)

One of the drivers behind this resilience is persistent low inventory. New listings were down by 11.6% from October 2021, and reached a level not seen since 2010.

On an annual basis, new listings dipped more so in the condominium apartment sector, which helps to explain why prices have held up better in this category compared to detached houses. Condominium prices in the GTA increased 1.8% year-over-year, fuelled by the 905-region. (Average prices were unchanged in the 416-area.) Prices of detached homes dropped by 11% over this same time period.

Given new listings are at or near historic lows, a moderate uptick in demand from current levels could result in a noticeable tightening in the resale housing market and, subsequently, an uptick in home prices.

With the Bank of Canada suggesting it is reaching the end of its tightening cycle, fixed mortgage rates may trend lower moving forward. This would help affordability and may bring buyers back to the market, which could also help revive prices.

An interesting trend has emerged in Toronto’s core, as median prices have climbed approximately 14% over the last three months. Reduced inventory and consumers taking advantage of lower prices to move in to freehold homes, combined with a return to the office and renewed vibrancy in the downtown area is driving competition and increased prices.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in October. 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: $1,348,500
Number of Homes Sold: 7
Average Days on Market: 22

In the community of Alderwood, 7 homes sold in October 2022, representing a decrease of 3 properties from the same month last year. The average selling price for homes fell by 5.7% to $1,348,500 in October 2022, from $1,429,400 a year earlier. From September to October of this year, the overall average selling price rose by 17.9%, from $1,144,273. This significant month-over-month percentage change may be attributed to sales of higher end homes in October 2022. Two-storey detached homes (3) and bungalows (3) combined accounted for almost all sales in October 2022. Average days on market increased to 22 days from 21 days year-over-year.

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

Islington-City Centre West
Average Home Price: $1,325,059
Number of Homes Sold: 17
Average Days on Market: 30

In the community of Islington-City Centre West, 17 homes sold in October 2022, representing a decrease of 11 homes from the same month last year. The average selling price for homes fell by 20.5% to $1,325,059 in October 2022, from $1,667,432 a year earlier. From September to October of this year, the overall average selling price dipped by 8.8%, from $1,453,078. Sales were fairly evenly split between two-storey detached, one-and-a-half-storey homes and bungalows in October 2022. Average days on market increased to 30 days from 16 days year-over-year.

Overall Average Condo Price: $637,294
Total Number of Condos Sold: 36
Average Days on Market: 24

The overall average selling price for condominium apartments in Islington-City Centre West increased by 0.9% to $637,294 in October 2022, from $631,396 a year earlier. From September to October of this year, the overall average selling price fell by 24%, from $838,020. This significant month-over-month percentage change may be attributed, at least in part, to sales of larger and/or higher-end condo units in September 2022.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West fell by 1.5% to $512,000 in October 2022, from $519,679 in October 2021. Average days on market increased to 26 days from 23 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West rose by 3.1% to $756,191 in October 2022, from $733,269 in October 2021. Average days on market increased to 23 days from 12 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: $1,177,800
Number of Homes Sold: 5
Average Days on Market: 19

In the community of Long Branch, 5 homes sold in October 2022, representing a decrease of 8 homes from the same month last year. The average selling price for homes fell by 17.7% to $1,177,800 in October 2022, from $1,431,385 in October 2021. Zero homes sold in September 2022, so there is no data on month-over-month price changes. Two-storey detached homes (2) and bungalows (2) combined accounted for almost all sales in October 2022. Average days on market increased to 19 days from 9 days over the same time period.

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

Mimico
Average Home Price: $1,395,000
Number of Homes Sold: 7
Average Days on Market: 32

In the community of Mimico, 7 homes sold in October 2022, representing a decrease of 16 homes over the same month last year. The average selling price for homes fell by just 0.03% to $1,395,000 in October 2022, from $1,395,478 a year earlier. From September to October of this year, the overall average selling price rose by 7.8%, from $1,293,667. Two-storey detached homes (3) and bungalows (2) combined accounted for nearly three-quarters all sales in October 2022. Average days on market increased to 32 days from 12 days year-over-year.

Overall Average Condo Price: $826,055
Total Number of Condos Sold: 40
Average Days on Market: 23

The overall average selling price for condominium apartments in Mimico rose by 11.3% to $826,055 in October 2022, from $742,305 a year earlier. From September to October of this year, the overall average selling price increased by 3%, from $802,397.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 5.7% to $607,857 in October 2022, from $575,010 in October 2021. Average days on market increased to 27 days from 17 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 14.7% to $956,953 in October 2022, from $834,580 in September 2021. Average days on market decreased to 18 days from 21 days over the same time period.

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

New Toronto
Average Home Price: $1,673,333
Number of Homes Sold: 3
Average Days on Market: 65

In the community of New Toronto, 3 homes sold in October 2022, representing a decrease of 11 homes from the same month last year. The average selling price for homes rose by 30.9% to $1,673,333 in October 2022, from $1,277,980 a year earlier. From September to October of this year, the overall average selling price rose by 38.9%, from $1,205,200.  Both significant yearly and monthly increases may be attributed to sales of higher-end homes in October 2022. Sales were comprised of two-storey detached homes (2) and a fourplex. Average days on market increased to 65 days from 10 days year-over-year.

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

Stonegate-Queensway
Average Home Price: $1,467,038
Number of Homes Sold: 13
Average Days on Market: 20

In the community of Stonegate-Queensway, 13 homes sold in October 2022, representing an increase of 2 homes over the same month last year. The average selling price for homes fell by 22.1% to $1,467,038 in October 2022, from $1,884,295 a year earlier. From September to October of this year, the overall average selling price dipped by 9.5%, from $1,621,206. Bungalows (6) accounted for nearly half of all sales in October 2022, followed by two-storey detached homes (4). Average days on market increased to 20 days from 11 days year-over-year.

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.