September 2023 Real Estate Market Update

Home prices maintained their resilience in September, with most property segments showing positive year-over-year trends. But a shift has emerged in the housing market: the resurgence of properties for sale.

In September, inventory reached 18,912 active listings, the highest level seen since June 2019. This monthly surge of 3,415 listings represents a 22% increase.

As a result, months of inventory at the end of September was 4 months, indicating a balanced market.

Despite an influx of inventory, providing buyers with more to choose from and, in some instances, greater negotiating power, home prices in the Greater Toronto Area (GTA) remained above the trough experienced early in the first quarter of the year. The average selling price was up 3% to $1,119,428, compared to last September’s average of $1,086,538.

The detached housing market saw a significant year-over-year increase of $71,600 or 5.2%. Similarly, semi-detached and townhouse homes saw price increases of $50,954 and $40,103, respectively. The condo market, on the other hand, experienced a modest price decline, with values falling by $23,753 or 3.3%.

While property prices in general continue to rebound and the market remains resilient, the surge in available properties and the uncertainty surrounding interest rates have create a cautious environment for both prospective buyers and sellers. Because of this, the short and medium-term outlooks for the GTA housing market are very different. In the short-term, borrowing costs are expected to remain elevated until mid-2024, after which they will start to trend lower. This suggests the market will see a pronounced uptick in demand for home ownership in the second half of next year, as lower interest rates and record population growth spur an increase in buyers.

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

Alderwood
Average Home Price: $1,258,333
Number of Homes Sold: 6
Average Days on Market: 24

In the community of Alderwood, 6 homes sold in September 2023, representing a decrease of 5 homes from the same month last year. The average selling price for homes rose by 10% to $1,258,333 in September 2023, from $1,144,273 a year earlier. Bungalows (4) accounted for two-thirds of all home sales. Average days on market increased to 24 days from 14 days year-over-year.

Average home prices for Alderwood for Q3 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,611,808
Number of Homes Sold: 13
Average Days on Market: 14

In the community of Islington-City Centre West, 13 homes sold in September 2023, representing an increase of 1 home from the same month last year. The average selling price for homes rose by 10.9% to $1,611,808 in September 2023, from $1,453,078 a year earlier. Two-storey detached homes (9) accounted for more than two-thirds of all sales. Average days on market increased to 14 days from 24 days year-over-year.

Overall Average Condo Price: $649,724
Total Number of Condos Sold: 29
Average Days on Market: 26

In the community of Islington-City Centre West, 29 condominium apartments sold in September 2023, representing an increase of 5 units from the same month last year. The overall average selling price fell by 22.5% to $649,724 in September 2023, from $838,020 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 1.8% to $502,000 in September 2023, from $511,125 in September 2022. Average days on market decreased to 32 days from 11 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments fell by 11.8% to $699,857 in September 2023, from $793,750 in September 2022. Average days on market increased to 22 days from 21 days over the same time period.

Average home prices for Islington-City Centre West for Q3 of 2023 are available here.

Long Branch
Average Home Price: $1,385,000
Number of Homes Sold: 8
Average Days on Market: 22

In the community of Long Branch, 8 homes sold in September 2023, representing an increase of 8 homes from the same month last year when there were no sales. Two-storey detached homes (4) accounted for half of all sales. Average days on market was 22 days.

Average home prices for Long Branch for Q3 of 2023 are available here.

Mimico
Average Home Price: $1,418,912
Number of Homes Sold: 17
Average Days on Market: 12

In the community of Mimico, 17 homes sold in September 2023, representing an increase of 11 homes from the same month last year. The average selling price for homes rose by 9.7% to $1,418,912 in September 2023, from $1,293,667 a year earlier. Two-storey detached homes (6) and bungalows (4) accounted for nearly two-thirds of all sales. Average days on market decreased to 12 days from 13 days year-over-year.

Overall Average Condo Price: $827,700
Total Number of Condos Sold: 45
Average Days on Market: 26

In the community of Mimico, 45 condominium apartments sold in September 2023, representing a decrease of 1 unit from the same month last year. The overall average selling price rose by 3.2% to $827,700 in September 2023, from $802,397
a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 4% to $581,889 in September 2023, from $609,500 in September 2022. Average days on market increased to 33 days from 22 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments fell by 1.2% to $818,563 in September 2023, from $852,236 in September 2022. Average days on market increased to 26 days from 23 days over the same time period.

Average home prices for Mimico for Q3 of 2023 are available here.

New Toronto
Average Home Price: $1,225,000
Number of Homes Sold: 2
Average Days on Market: 13

In the community of New Toronto, 2 homes sold in September 2023, representing a decrease of 3 homes from the same month last year. The average selling price for homes rose by 1.6% to $1,225,000 in September 2023, from $1,205,200 a year earlier. Sales were comprised of a bungalow and a two-storey detached home. Average days on market decreased to 13 days from 14 days over the same time period.

Average home prices for New Toronto for Q3 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,779,369
Number of Homes Sold: 17
Average Days on Market: 16

In the community of Stonegate-Queensway, 17 homes sold in September 2023, representing an increase of 3 homes over the same month last year. The average selling price for homes rose by 9.8% to $1,779,369 in September 2023, from $1,621,206 a year earlier. Bungalows (7) and two-storey detached homes (5) combined accounted for more than two-thirds of all sales. Average days on market decreased to 16 days from 18 days over the same time period.

Average home prices for Stonegate-Queensway for Q3 of 2023 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.