November Market Update
The Toronto-area real estate market continued to see strong sales volumes and higher prices in November. The Toronto Real Estate Board says there were 8,547 sales through it’s system last month, up 16.5 per cent from November 2015. The average selling price for all types of housing was $776,684, up 22.7 per cent over the same time last year, while the industry association’s home price index was up 20.3 per cent.
Toronto’s West End Overview
The fall market has been interesting here in Toronto’s west end. October was somewhat volatile and we saw a slight shift away from the strong seller’s market that we’ve been seeing for years. Alas, November bounced back and was stronger than ever in some neighbourhoods.
It’s important to remember that the real estate market is a micro-market business and varies drastically across the country, within provinces and even within the city in different neighbourhoods. Our business is focused on Toronto’s West end neighbourhoods roughly from Roncesvalles out to Etobicoke. We’ve broken the statistics for November across each of these regions.
(W1) Roncesvalles, High Park, Swansea & Brule Gardens
The market was very strong in this neighbourhood in November, with pricing up a dramatic 32% over last year in houses. In particular, there was a high demand for detached homes and a number of high ticket houses sold bringing the average price to an unusual high of almost $1.7 million. Keep in mind, this should not be viewed as what it typically costs to buy a detached house in the area. There just happened to be a lot of expensive detached homes sold in Nov.
The condo market on the other hand, has remained relatively stable since this time last year with little price appreciation.
(W2) Bloor West Village, High Park North, The Junction, etc.
Although the average house price was up a whopping 35% in November vs. last year, this neighbourhood saw less predictability. There were many properties that did not go into competition on offer day, which is reflected in the average days on market being 12 days. Although everything eventually sold, it became more commonplace to see houses being re-listed at a higher sale price after the offer day passed and then selling within a week.
The condo market saw a healthy appreciation over last year, but it will be interesting to see the trend over the next few months as pricing did decline from October. The number of days on market is also reflective.
(W6) Mimico, New Toronto, Alderwood & Longbranch
Although the market is performing very well in this neck of the woods, with the average house price up 30% over last year, there’s still a lot of value with the average detached house coming in just under $1 million. There was 33 detached homes sold in November, so lot’s to choose from as well. In our opinion, this is a great pocket for first-time buyers.
The condo market also performed better than other areas with pricing up significantly over last year and trending up over last month as well.
(W7) Sunnylea, Springbrook Gardens, Queensway Village & Stonegate
Interestingly, this pocket did not perform as well as others in the west end or the city average. For perspective, an 18% increase is still very good and it likely is a reflection of inventory levels being higher. We’ll want to keep an eye on this pocket to see if this trend continues or if it was just a blip.
No condos were sold during November, so nothing to report here.
(W8) The Kingsway, Humber Valley and all of remaining Etobicoke
Pricing in this part of Etobicoke was consistent with the rest of the city and saw an average price up 22% over last year. On average it is taking properties around 2 weeks to sell and pricing seemed to decline a little since October.
The condo market performed quite well with average prices up 16% over last year and pricing trending up over last month as well.