West Toronto

April 2023 West Toronto Market Update

The April sales stats have been released by TREB and we continue to see upticks in most areas, except for inventory, as new listings are down by ⅓ compared to April 2022.  As I always say, with few listings for buyers to chose from, more competition leads to price gains.  If you are a home owner, or are thinking of buying you may be interested in these latest stats to assist in locating areas of opportunity for you. Please note that I am breaking down sales stats for West Toronto and not for the entire GTA.

Similar to what we have been seeing across all of Toronto for quite a while now, in West Toronto there was 2.5 months of supply available in April across all home types.  This means that it would take 2.5 months for all of the homes on the market to sell, given the average sales volume.  This indicates that we are still in a sellers market, as buyers do not have a lot of inventory to select from.  As you know, low inventory also leads to bidding wars – and we have seen properties garner multiple offers this past month.  Demand is still higher than supply here and buyers adjusting to the higher interest rates. t.

Average Price

  • The average price in West Toronto for April across all home types and all areas was $1,031,054 with W10 averaging a sale price of $840,000 to W07 averaging $1,318,724.  
  • The Average price is up 4.7% from March 2023, but still down from this time in 2022 by 11%

List To Sale Price Ratio

The average sale price to listing price was 103% , up from 100% last month.  This means that properties were selling for 103% of the list price. 

Interestingly enough, there was not one area in Toronto proper that was below 100% in April.  This means that of all of the sales in the city of Toronto, not one overall area saw Average sale price to listing price below 100%. 

When I drill down to specific home types and areas – there were areas of opportunity for semis in W10, condo/townhomes in W9 and for condo apartments in W3, W5, W7, W8, W9 and W10.

Days on Market

On average in April in West Toronto it took 18 days for a house to sell.  This is less than the previous months time of 23 days but more than the 13 average sales days in April 2022.  

Detached homes sold the fastest on an average of 14 days, while condo townhomes and apartments averaged 22 days to sell.

Interest Rates

  1. If you are considering purchasing, Interest rates currently are anywhere between 4.29% and 6.7%, depending on the mortgage product you qualify for and the lender.

Market Trends

The number of homes listed for sale remained low, even for the beginning of Spring market. This will continue to keep demand high and sales prices competitive.  It also means that the rental/lease market will remain tight, as high average rents continue to move in line with the cost of ownership. I suspect we will see first time home buyers continue to lead the way in driving the market activity.

As the competition for properties has begun to ramp up, if you have a desirable home you could see multiple offers.  

If you are looking for a home, you can expect to see that tight inventory conditions means you that the list price may not be what the selling price is.

If you are thinking of selling and would like a complimentary no obligation assessment of how your home would perform in today’s market, please feel free to reach out.  

If you are a buyer looking for information on specific homes or neighbourhoods or the process overall, please feel free to contact me for assistance and direction.

 

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