September 2022 Real Estate Market Update

Toronto-area homebuyers were faced with significantly lower inventory than what’s typically anticipated in an early fall market, with new listings down 16.7% on a year-over-year basis — the lowest number of new listings reported for the month of September in 20 years.

With fewer homes to choose from, multiple offer scenarios were once again commonplace, resulting in higher home prices than in August, despite inflation and increased borrowing costs. The average selling price for all home types was $1,086,762, an increase of 0.7% from $1,079,500. This is the second consecutive month that prices have trended upward, albeit modestly.

Year-over-year, the average price dipped by 4.3%, from $1,135,027 in September 2021. But while prices of detached, semi-detached and townhomes fell in the Greater Toronto Area (GTA), those of condominium apartments rose, on average, 3.3% over the same time period.

Overall, GTA prices have stabilized as compared to the spring months. In fact, a number of neighbourhoods have seen prices rise significantly over the past two months due to increased competition amid lack of inventory.

On the sales front, the number of homes that traded hands was down by 44.1% in September, compared to the previous year.

Months of inventory is holding relatively steady at approximately 2.5 months. This is the number of months it would take to sell all current listings at the present rate of sales activity.

The recent dip in housing demand has temporarily pushed the region’s supply problem to the backseat. However, when sales activity returns to normal levels, it will once again create pain for buyers looking for the opportunity to enter or move up in the market if this issue is not adequately addressed.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in September. 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: $1,144,273
Number of Homes Sold: 11
Average Days on Market: 14

In the community of Alderwood, 11 homes sold in September 2022, representing a decrease of 2 properties from the same month last year. The average selling price for homes fell by 11.3% to $1,144,273 in September 2022, from $1,290,769 a year earlier. From August to September of this year, the overall average selling price dipped by 1.8%, from $1,164,714. Semi-detached homes (6) accounted for half of all sales in September 2022, followed by bungalows (3). Average days on market decreased to 14 days from 16 days year-over-year.

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

Islington-City Centre West
Average Home Price: $1,453,078
Number of Homes Sold: 12
Average Days on Market: 24

In the community of Islington-City Centre West, 12 homes sold in September 2022, representing a decrease of 6 homes from the same month last year. The average selling price for homes fell by 18.3% to $1,453,078 in September 2022, from $1,778,000 a year earlier. From August to September of this year, the overall average selling price dipped by 9.4%, from $1,604,075. Two-storey detached homes (4) and bungalows (4) combined accounted for two-thirds of all sales in September 2022. Average days on market increased to 24 days from 17 days year-over-year.

Overall Average Condo Price: $838,020
Total Number of Condos Sold: 24
Average Days on Market: 20

The overall average selling price for condominium apartments in Islington-City Centre West increased by 31.6% to $838,020 in September 2022, from $636,574 a year earlier. From August to September of this year, the overall average selling price rose by 32.3%, from $633,479. Both significant yearly and monthly increases may be partly attributed to sales of larger and/or higher-end condo units.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West fell by 1.6 % to $511,125 in September 2022, from $519,350 in September 2021. Average days on market decreased to 11 days from 13 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West rose by 12% to $793,750 in September 2022, from $708,605 in September 2021. Average days on market decreased to 21 days from 28 days over the same time period.

Average home prices for Islington-City Centre West for Q3 of 2022 are available here.

Long Branch
In the community of Long Branch, no homes sold in September 2022.

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

Mimico
Average Home Price: $1,293,667
Number of Homes Sold: 6
Average Days on Market: 13

In the community of Mimico, 6 homes sold in September 2022, representing a decrease of 12 homes over the same month last year. The average selling price for homes fell by 4.7% to $1,293,667 in September 2022, from $1,357,611 a year earlier. From August to September of this year, the overall average selling price rose by 2.4%, from $1,263,000. Sales were comprised of bungalows (2), semi-detached (2), two-storey detached (1) and townhomes (1) in September 2022. Average days on market increased to 13 days from 8 days year-over-year.

Overall Average Condo Price: $802,397
Total Number of Condos Sold: 46
Average Days on Market: 23

The overall average selling price for condominium apartments in Mimico rose by 3.6% to $802,397 in September 2022, from $774,457 a year earlier. From August to September of this year, the overall average selling price increased by 7.6%, from $745,663.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 2% to $609,500 in September 2022, from $597,753 in September 2021. Average days on market increased to 22 days from 17 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 5% to $852,236 in September 2022, from $811,695 in September 2021. Average days on market increased to 23 days from 22 days over the same time period.

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

New Toronto
Average Home Price: $1,205,200
Number of Homes Sold: 5
Average Days on Market: 14

In the community of New Toronto, 5 homes sold in September 2022, representing a decrease of 5 homes from the same month last year. The average selling price for homes rose by 2.9% to $1,205,200 in September 2022, from $1,171,075 a year earlier. From August to September of this year, the overall average selling price rose by 7.1%, from $1,125,000. Average days on market increased to 14 days from 7 days year-over-year.

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

Stonegate-Queensway
Average Home Price: $1,621,206
Number of Homes Sold: 14
Average Days on Market: 18

In the community of Stonegate-Queensway, 14 homes sold in September 2022, representing a decrease of 10 homes over the same month last year. The average selling price for homes rose by 8.5% to $1,621,206 in September 2022, from $1,493,663 a year earlier. From August to September of this year, the overall average selling price rose by 16.3%, from $1,394,000. Two-storey detached homes (7) accounted for half of all sales in September 2022, followed by bungalows (4). Average days on market increased to 18 days from 14 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.