August 2023

West Toronto Real Estate Market Update

As we head into the fall market, we have a welcome pause on interest rate increases and a bit of a slow start for new listings.  

Buyers still out looking for a home, as seen in West Toronto with many homes selling for over asking price and multiple offers were common even in the lazy days of August.   There were fewer homes on the market and therefore a decrease in the number of homes sold in comparison to Aug 2022

 

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Months of Supply

Months of supply has remained unchanged in West Toronto at 2.4.  We have been holding steady in and around this rate for all of 2023. 

At this point, we have our various levels of government pointing fingers at one another without any real plan for solving this supply pressure so I do not expect this to change in the near future

Average Price

The average sales price across all home types was $993,866 in West Toronto, down from July due to a slip in Condo town prices.

As always, I like to break down monthly sales prices by home type:

  • Detached homes in West TO averaged $1,635,000  which is an increase to what we saw in July.
  • Semi detached’s averaged $1,235,000 which is an increase from July.
  • There was also an increase from July for  Attached/Rows/Freehold Towns at $1,136,000.
  • We are seeing a bit of a slip in average sale prices for condo towns which came down from $971,000 in July to $836,235 in Aug.
  • Condo apartments increased to an average sale of  $703,516, which is approx a $25,000 increase from July.

List To Sales Price Ratio

The list price to sales price ratio was 100% for August in West Toronto.  Demand and purchasing power remains strong for detached, semi’s and condo towns. 

Days on Market

The average  number of days on market for homes in Aug was back up to 21 days. It appears that listings in the areas of W5, W9 and W6 were on the market for well over 20 days, which pulled the Toronto West DOM stats upwards.

Interest Rates

In July the overnight interest rate was raised to 5%.  As the Bank of Canada continued to increase interest pressure in attempts to decrease consumer spending, it was evident that mortgage approvals, particularly in the higher purchasing brackets, had slowed to a crawl. 

Combined with the slow down we see in Aug in real estate, the hold of the rates in Sept was a welcome “break” from the crunching that many households are feeling.   

Market Trends Insight

Sometimes what we see on paper is not exactly what we see in the business.  The market stats combine the entire market analysis, while agents like myself see different scenarios playing out in our day to day dealings. 

In W8 for Aug we saw quite a few homes that were well priced sell for far over asking price in bidding wars. Detached and Semi detached homes are still sought after. 

However, there is tremendous value and quality of life in Freehold towns and Condo towns and apartments.  For my clients who are still being priced out at the detached and semi tables, I highly recommend giving freehold and condo towns a good viewing. 

I am asked frequently about my thoughts on the future and what will happen next with real estate.  I do not have a crystal ball and cannot predict market activity. 

However, if you are wanting to discuss whether it is time to buy or sell for you, I am able to give a very good analysis on what is happening around your home or area that will assist you in  making a good decision for you.

I will arm you with stats and facts that will help understand what the current market could mean for you.

If this is something you are interested in, please reach out to arrange a consult.  

 
 

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