West Toronto

September 2023 West Toronto Real Estate Market Update

Across the GTA we saw more listings this September in comparison to September 2022, as well as an increase in prices compared to 2022. 

In West Toronto we saw continued bidding wars for some properties and ongoing demand, particularly in the detached and semi detached markets. Stay with me while I break it down for you.

I will explain in detail what the September Stats released by the Toronto Regional Real Estate Board mean for West Toronto in the areas of:

  • Months Of Supply
  • Average Price
  • List To Sale Price Ratio
  • Days On Market

Please note that these are stats for West Toronto and not the broader GTA, which can much different.

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. 

However, the relationship between inventory and buyer activity can be looked at more closely in different price points, and we are noticing that the higher priced homes are taking longer to sell, which will start to impact this stat.

There is speculation that we are moving to a buyers market, but we have not seen that yet in West Toronto. 

There is evidence in areas outside of Toronto that a more balanced market is prevailing – such as in King And Innisfil for example.

 

Average Sales Price

  • The average sales price across all home types in West Toronto has climbed 14% in comparison to September 2022.  
  • The average sale price also increased from August to $1,132,496. 
  • We saw an increase in sale price across all home types other than Freehold Townhouses and Condo Apartments in September.

List To Sale Price Ratio

The list price to sale price ratio for all types of homes was at 101% for Sept.

 Demand and purchasing power has remained strong, although in West Toronto I have been keeping my eyes on a few properties that have not been selling and therefore may not sell for 100% or more of their listing price.

Days On Market

The average  number of days on market for homes in September was down from 21 days to 19 days. 

Let me point out some outliers here though, as the average stat does not portray how different areas and properties can impact this.  

For example: Detached homes in West Toronto averaged 17 DOM in September, but in W2 (High Park North, Bloor West/Junction/Dovercourt areas) and W9  (Kingsview Village, Humber Heights, Martingrove/Richview area) they both averaged 11 days on market for detached homes, not 17 days.

Rows/Attached/Freehold Townhouses averaged 14 days on Market in West Toronto, but in W8 (Markland Wood, West Mall, Islington, and  Edenbridge areas) the average Row/Attached/Town took 5 days to sell.

In the Condo/Town type, the Avgerage DOM was 22 for all of West Toronto, but W10 (Rexdale, West Humber, Thistletown areas)  they averaged 64 days to sell while W9 (West Way and Humber Heights areas) it only took 4 days to sell.

 

Market Trends and What This Means For You

I said this in September and I will say it again now – if you are looking for a home but am not looking in the semi and detached price points, I highly recommend that you come with me a consider the freehold and condo town options. 

I have a video coming shortly on this, so stay tuned.

 

We are half way through the fall market and there have been more properties on the market than we have seen in a few months.  If you are considering selling your home in the near future, I highly recommend you work with an agent that is watching the housing market closely and can tell you how your home is situated amongst homes currently on the market and how it will perform based on market activity.

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