September 2019 Real Estate Market Update
The real estate market is looking increasingly healthy, continuing to mend from the significant downturn of 2018 and early 2019, following the introduction of the federal mortgage stress test.
Toronto-area home sales surged double digits in September, compared with the same period last year.
The number of properties sold rose to 7,825 from 6,414, representing an increase of 22%.
Low interest rates and an encouraging employment outlook continue to buoy consumer confidence and support the recovering real estate market. However, sales still remain well-below the record September 2016 peak of more than 9,800.
Prices also rose year-over-year. The overall average selling price in the Greater Toronto Area was up 5.8%, soaring to $843,115 in September, from $796,782 recorded a year earlier. This was the biggest jump seen in 2019.
The Toronto Real Estate Board expects prices to continue to rise as housing supply, already tight, shrinks further. New listings are down by 1.9% year-over-year to 15,611. Active listings are also down 14.1% to 17,254.
Average days on the market was 23 days.
Condominiums, once affordable to most families and single professionals in Toronto, have surpassed the $600,000 mark, rising to $636,817. As the price gap between condominiums and houses shrinks in the region, demand for these types of properties has grown. The average price of both detached and semi-detached homes increased over last year, with the latter seeing the most significant growth (7%), up to $1,069,119. This is a good indication that buyer demand has largely absorbed the mortgage stress test hurdle to homeownership.
Months of inventory (or supply) has not gone above 2.2 since March, indicating the city is still in a seller’s market.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in September.
Alderwood
Average Home Price: $1,025,000
Number of Homes Sold: 21
Average Days on Market: 9
The overall average selling price for homes in Alderwood has increased 5.8%, to $1,025,000 in September 2019, from $969,000 in September 2018. Average days on market has decreased to 9 from 11 over the same time period.
Islington-City Centre West
Average Home Price: $1,100,000
Number of Homes Sold: 19
Average Days on Market: 12
The overall average selling price for homes in Islington-City Centre West has increased 2.8%, to $1,100,00 in September 2019, from $1,070,000 in September 2018. Average days on market has increased to 12 from 10 over the same time period.
Average Condo Price: $506,000
Number of Condos Sold: 59
Average Days on Market: 11
The overall average selling price for condominium apartments in Islington-City Centre West has increased 6% to $506,000 in September 2019, from $477,500 in September 2018. Average days on market has decreased to 11 from 15 over the same time period.
Long Branch
Average Home Price: $1,288,714
Number of Homes Sold: 12
Average Days on Market: 11
The overall average selling price for homes in Long Branch has increased 52.7% to $1,288,714 in September 2019, from $844,250 in September 2018. Average days on market has remained relatively constant.
Mimico
Average Home Price: $932,250
Number of Homes Sold: 16
Average Days on Market: 8
The overall average selling price for homes in Mimico has decreased 2.2% to $932,250 in September 2019, from $953,000 in September 2018. Average days on market has decreased to 8 from 12 over the same time period.
Average Condo Price: $587,000
Number of Condos Sold: 95
Average Days on Market: 12
The overall average selling price for condominium apartments in Mimico has increased 11% to $587,000 in September 2019, from $529,000 in September 2018. Average days on market has decreased to 12 from 15 over the same time period.
New Toronto
Average Home Price: $1,020,200
Number of Homes Sold: 10
Average Days on Market: 6
The overall average selling price for homes in New Toronto has decreased 1.4% to $1,020,200 in September 2019, from $1,035,000 in September 2018. Average days on market has remained relatively constant.
Stonegate-Queensway
Average Home Price: $1,265,500
Number of Homes Sold: 28
Average Days on Market: 7
The overall average selling price for homes in Stonegate-Queensway has increased 2.3% to $1,265,500 in September 2019, from $1,237,500 in September 2018. Average days on market has remained relatively constant.
Average home/condo prices and days on market for Etobicoke communities are median statistics for September 2019.
