September 2020 Real Estate Market Update

Low interest rates, remote work situations (for many), the desire for more space and pent-up buyer demand have been a potent combination for the Greater Toronto Area (GTA) real estate market, with September marking the fourth month in a row where both home prices and sales set new records.

The average selling price (inclusive of all property types) increased 14% to $960,772, up more than $118,000 from September 2019.

Again, the star of the month was detached homes. Year-over-year, price growth for a detached home was about twice that for a condo apartment, at 12.9% and 6.6%, respectively. The average price for a detached home was $1,184,700. Condos averaged $634,756.

The difference between the two segments can be attributed to relatively better supply in the condo market at 3.1 months of inventory, which reflects a shift toward a balanced market. Short-term rental investors have put their vacant units up for sale, new investors aren’t buying because both demand for rentals and rent rates have dropped, people are looking to move out of the city instead of into it, and the essential halt in immigration due to COVID-19 has taken a huge number of potential buyers out of the mix.

On the flip side, months of inventory for single-family homes was 1.6, which indicates a strong seller’s market.

Sales reported through the Toronto Regional Real Estate Board’s (TRREB) MLS system amounted to 11,083 — a new record for the month of September. This result was up by 42.3% compared to the same month last year.

Increased listing inventory of all property types helped fuel September’s sales activity. Despite this increase, the GTA is still a tight market. Average days on market was 22 days, down from 34 days a year earlier for all home types.

TRREB expects home sales to continue to be strong throughout the rest of the year as the economy improves. Canada added 378,000 new jobs in September, according to Statistics Canada, almost all of which were full-time positions. These gains bring the job market within 720,000 positions of where it was in February, before the country’s COVID-19 outbreak.

However, this housing market outlook could change with the trajectory of coronavirus cases, the related government policy response, and the impact on jobs and consumer confidence.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in September. If you would like statistics on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,108,893
Number of Homes Sold: 14
Average Days on Market: 8

In the community of Alderwood, 14 homes sold in September 2020, representing a decrease of 7 homes over the same month last year. The average selling price for homes increased 1.4% to $1,108,893 in September 2020, from $1,093,810 a year earlier. Bungalows (5) and semi-detached homes (4) combined accounted for nearly two-thirds of all sales in September 2020. Average days on market decreased to 8 days from 12 days year-over-year.

Average home prices for Alderwood for Q3 2020 are available here.

Islington-City Centre West
Average Home Price: $1,557,476
Number of Homes Sold: 28
Average Days on Market: 15

In the community of Islington-City Centre West, 28 homes sold in September 2020, representing an increase of 9 homes over the same month last year. The average selling price for homes increased by 18.1% to $1,557,476 in September 2020, from $1,318,947 a year earlier. Two-storey detached homes (10) and bungalows (8) combined accounted for nearly two-thirds of all sales. Average days on market remained constant at 15 days year-over-year.

Overall Average Condo Price: $558,572
Total Number of Condos Sold: 58
Average Days on Market: 17

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 7.7% to $479,364 in September 2020, from $445,222 in September 2019. Average days on market increased to 16 days from 11 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 11.6% to $675,779 in September 2020, from $605,500 in September 2019. Average days on market increased to 17 days from 12 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: $1,275,387
Number of Homes Sold: 15
Average Days on Market: 19

In the community of Long Branch, 15 homes sold in September 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes increased by 6.9% to $1,275,387 in September 2020, from $1,193,277 a year earlier. Two-storey detached homes (7) accounted for almost half of all sales in September 2020. Average days on market decreased to 19 days from 27 days year-over-year.

Average home prices for Long Branch for Q3 2020 are available here.

Mimico
Average Home Price: $1,285,947
Number of Homes Sold: 19
Average Days on Market: 9

In the community of Mimico, 19 homes sold in September 2020, representing an increase of 3 homes over the same month last year. The average selling price for homes increased 20.1% to $1,285,947 in September 2020, from $1,064,813 a year earlier. Sales were fairly evenly split between all home types in September 2020. Average days on market decreased to 9 days from 16 days year-over-year.

Overall Average Condo Price: $727,467
Total Number of Condos Sold: 81
Average Days on Market: 19

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 4.6% to $510,769 in September 2020, from $488,211 in September 2019. Average days on market increased to 22 days from 15 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 7.8% to $690,272 in September 2020, from $640,486 in September 2019. Average days on market decreased to 9 days from 15 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: $1,207,082
Number of Homes Sold: 11
Average Days on Market: 15

In the community of New Toronto, 11 homes sold in September 2020, representing an increase of 1 home over the same month last year. The average selling price for homes increased 16.4% to $1,207,082 in September 2020, from $1,037,290 a year earlier. Two-storey detached homes (7) accounted for nearly two-thirds of all sales in September 2020. Average days on market decreased to 15 days from 17 days year-over-year.

Average home prices for New Toronto for Q3 2020 are available here.

Stonegate-Queensway
Average Home Price: $1,407,684
Number of Homes Sold: 25
Average Days on Market: 14

In the community of Stonegate-Queensway, 25 homes sold in September 2020, representing a decrease of 3 homes over the same month last year. The average selling price for homes increased 12.6% to $1,407,684 in September 2020, from $1,249,746 a year earlier. Two-storey detached homes (10) and bungalows (8) combined accounted for nearly three-quarters of all sales in September 2020. Average days on market increased to 14 days from 11 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.