West Toronto

May 2023 West Toronto Market Update

Competition between buyers remains very tight. Sales activity across Toronto exceeds 2022 sales numbers now, including in West Toronto where we saw a 13% increase in sales across all home types.

Months Of Supply

There were 2.4 months of supply in West Toronto, similar to what we have been seeing for quite some time. We are in a sellers market as buyers far outpace the amount of homes available to purchase.

Average Price

The average sales price is creeping back up to the levels we saw in 2022 with sales averaging $1,084,986 in West Toronto, up from last months price of $1,031,054.

Detached homes in West TO averaged $1,526,000 semi’s $1,256,000 and freehold towns/rows averaging $1,188,000.

Condo towns averaged $791,775 and Condo apartments averaged $702,000.

List To Sale Price Ratio

The list price to sale price ratio is 104%, which is higher than 103% we saw in April. This means we are seeing more homes sell for over asking price. In May it was condo apartments in West Toronto that sold for closest to list price at 101%.

Days On Market

The number of days on market for homes in May was creeping down from the previous month. We averaged 17 days on market, down 1 day from last month.

Detached homes are driving the market, with 14 days averaging on market.  Freehold towns/attached/rows also sold quickly, with 13 days averaging on market. 

There are areas of opportunity in the condo townhouse and condo apartment market in West Toronto as they averaged 21 and 19 days on market.

Market Trends

If you are buyer looking for areas of opportunity right now, condo apartments are selling for closer to list price and are the housing type which have been on the market the longest in West Toronto recently.

This means that there could be more time and room for consideration when purchasing.

As a seller, detached homes are still leading the way with pushing up the average sale price and having the lowest days on market . Offer dates and bidding wars on most detached homes are still the norm. 

Freehold towns/rows/attached are also selling well with only 13 days on market and are creeping up to May 2022 sales prices. 

There is demand here for buyers.

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