April 2021 Real Estate Market Update

After months-long buying frenzy, Toronto’s housing market is showing signs that it’s starting to cool.

Bucking the regular seasonal trend, April sales declined 12.7% month-over-month. New listings followed a similar track, down by 8.4% compared to March.

Despite a modest slowing in market activity in April compared to March, selling prices for all major home types remained very high. The average selling price of $1,090,992 was up by 33% compared to the first full month of the pandemic last year; however, it was basically flat relative to March 2021. This was in contrast to most years in the past when the average selling price increased between March and April.

Given that the market in April 2020 was essentially frozen due to the pandemic, replacing year-over-year comparisons with 2015-2019 April averages offers better insight into how this April stacked up. April’s sales were 32% higher and active listings were approximately 26% lower than the five-year average for both measures, illustrating the continued tightness of the market.

While April’s absorption rate slightly improved from March’s 2.9 weeks of inventory to 3.7 weeks, it was by virtue of the increase in new listings hitting the market — 16% higher than the five-year monthly average — and not a slowing in sales. Together, the increase in sales as well as the rise in new inventory indicate that existing homeowners, who bring inventory with them, were central to April’s market activity. The increase in new listings is a positive sign that a less feverish market may be ahead. But while the pace of price gains could moderate in the coming months, home prices will likely continue on the upward trend. Renewed population growth over the next year coupled with a persistent lack of new inventory will underpin home price appreciation.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in April. If you live in or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,254,406
Number of Homes Sold: 11
Average Days on Market: 8

In the community of Alderwood, 11 homes sold in April 2021, representing an increase of 4 homes over the same month last year. The average selling price for homes rose 27.5% to $1,254,406 in April 2021, from $983,891 in April 2020. Bungalows (5) accounted for almost half of all sales, followed by two-storey detached homes (4). Average days on market remained constant year-over-year at 8 days year-over-year.

Average home prices for Alderwood for Q1 2021 are available here.

Islington-City Centre West
Average Home Price: $1,825,496
Number of Homes Sold: 32
Average Days on Market: 9

In the community of Islington-City Centre West, 32 homes sold in April 2021, representing an increase of 23 homes over the same month last year. The average selling price for homes rose 48.6% to $1,825,496 in April 2021, from $1,228,444 in April 2020. This significant percentage change may be attributed to greater inventory and/or more sales of higher end homes in April 2021. Two-storey detached homes (17) accounted for more than half of all sales in April 2021, followed by bungalows (8). Average days on market decreased to 9 days from 16 days year-over-year.

Overall Average Condo Price: $630,396
Total Number of Condos Sold: 69
Average Days on Market: 10

The overall average selling price for condominium apartments in Islington-City Centre West increased 5.8% to $630,396 in April 2021, from $596,000 a year earlier. In just one month, from March to April of this year, the overall average selling price rose 1.4% from $621,727.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West dipped 9.7% to $503,653 in April 2021, from $557,500 in April 2020. Average days on market decreased to 8 days from 19 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West rose 11.5% to $735,188 in April 2021, from $633,417 in April 2020. Average days on market decreased to 12 days from 22 days year-over-year.

Average home prices for Islington-City Centre West for Q1 2021 are available here.

Long Branch
Average Home Price: $1,404,220
Number of Homes Sold: 5
Average Days on Market: 6

In the community of Long Branch, 5 homes sold in April 2021, representing an increase of 4 homes from the same month last year. The average selling price for homes dipped 7% to $1,404,220 in April 2021, from $1,510,000 in April 2020. However, this percentage change may be skewed due to the single sale in April 2020. Two-storey detached homes (3) accounted for more than half of all sales in April 2021, followed by townhomes (2). Average days on market increased to 6 days from 3 days year-over-year.

Average home prices for Long Branch for Q1 2021 are available here.

Mimico
Average Home Price: $1,276,563
Number of Homes Sold: 24
Average Days on Market: 8

In the community of Mimico, 24 homes sold in April 2021, representing an increase of 1 home over the same month last year. The average selling price for homes rose 28% to $1,276,563 in April 2021, from $998,317 in April 2020. Two-storey detached homes (9) accounted for more than one-third of all sales, followed by bungalows (7) and three-storey townhomes (5). Average days on market decreased to 8 days from 23 days year-over-year.

Overall Average Condo Price: $741,106
Total Number of Condos Sold: 102
Average Days on Market: 11

The overall average selling price for condominium apartments in Mimico rose 13.7% to $741,106 in April 2021, from $651,575 a year earlier. In just one month, from March to April of this year, the overall average selling price dipped 4.7% from $777,428.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose 7.3% to $592,360 in April 2021, from $552,133 in April 2020. Average days on market decreased to 11 days from 20 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose 6.7% to $842,203 in April 2021, from $792,500 in April 2020. Average days on market increased to 11 days from 6 days year-over-year.

Average home prices for Mimico for Q1 2021 are available here.

New Toronto
Average Home Price: $1,232,564
Number of Homes Sold: 19
Average Days on Market: 9

In the community of New Toronto, 19 homes sold in April 2021, representing an increase of 17 homes over the same month last year. The average selling price for homes rose 13.3% to $1,232,564 in April 2021, from $1,087,500 in April 2020. Two-storey detached homes (10) accounted for more than half of all sales, followed by townhomes (4). Average days on market decreased to 9 days from 11 days year-over-year.

Average home prices for New Toronto for Q1 2021 are available here.

Stonegate-Queensway
Average Home Price: $1,825,496
Number of Homes Sold: 32
Average Days on Market: 9

In the community of Stonegate-Queensway, 32 homes sold in April 2021, representing an increase of 19 homes over the same month last year. The average selling price for homes rose 71.5% to $1,825,496 in April 2021, from $1,064,250 in April 2020. This significant percentage change may be attributed to greater inventory and/or more sales of higher end homes in April 2021. Two-storey detached homes (17) accounted for more than half of all sales, followed by bungalows (6). Average days on market decreased to 9 days from 19 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 2021 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only. Accuracy is of upmost importance and information is correct at time of publication. However, it should be used for reference only as statistics and other details are subject to change without notice.