April 2022 Real Estate Market Update

Greater Toronto Area (GTA) real estate continued tracking year-over-year price growth in April, but the red-hot market that peaked in February is showing signs of cooling.

The average selling price, at $1,254,436, was up by 15% compared to April 2021, yet down compared to the average selling price of $1,299,894 in March of this year. This 3.5% month-over-month dip is on top of the 2.6% price decline from February to March.

Not only are prices moderating but homes are staying on the market longer, too. However, there are some exceptions to these trends depending on the neighbourhood and property. While some homes took longer to sell than in previous months, and did so for under the asking price, others were in heated bidding wars.

On the sales front, transactions were down on both a monthly and annual basis. In April, 8,008 homes traded hands in the GTA. That’s a 26.9% decrease compared to March, and a 41.2% decrease compared to the 13,613 homes sold in April 2021.

As has been the case with previous interest rate tightening cycles, some homebuyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the related impact on affordability. Measures unveiled in the federal budget and by the provincial government are also key contributors to the shifting market.

Despite this, sellers are still very much in the driver’s seat with just 1.6 months of inventory at the end of April. However, this is double that of February, which saw just three weeks of inventory.

Looking ahead, the Bank of Canada is expected to raise interest rates several times this year in order to fight inflation. The next scheduled rate hike announcement is June 1. This means mortgage rates will continue to rise sharply, as they have over the past several weeks, and some buyers will delay purchasing a home. However, in the absence of new supply, it is anticipated that there will still be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months.

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: $1,398,868
Number of Homes Sold: 14
Average Days on Market: 9

In the community of Alderwood, 14 homes sold in April 2022, representing an increase of 3 homes over the same month last year. The average selling price for homes rose by 11.5% to $1,398,868 in April 2022, from $1,254,406 a year earlier. Bungalows (7) accounted for half of all sales in April 2022. Average days on market increased to 9 days from 8 days year-over-year.

Average home prices for Alderwood for Q1 of 2022 are available here.

Islington-City Centre West
Average Home Price: $2,245,429
Number of Homes Sold: 21
Average Days on Market: 37

In the community of Islington-City Centre West, 21 homes sold in April 2022, representing a decrease of 11 homes over the same month last year. The average selling price for homes rose by 23% to $2,245,429 in April 2022, from $1,825,496 a year earlier. Bungalows (7) and two-storey detached homes (7) combined accounted for two-thirds all sales in April 2022. Average days on market increased to 37 days from 9 days year-over-year.

Overall Average Condo Price: $719,044
Total Number of Condos Sold: 42
Average Days on Market: 8

The overall average selling price for condominium apartments in Islington-City Centre West increased by 25.8% to $719,044 in April 2022, from $630,396 a year earlier. From March to April of this year, the overall average selling price fell by 8.1% from $782,138.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased by 24% to $624,341 in April 2022, from $503,653 in April 2021. Average days on market decreased to 7 days from 8 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased by 5.9% to $778,444 in April 2022, from $735,188 in April 2021. Average days on market decreased to 8 days from 12 days over the same time period.

Average home prices for Islington-City Centre West for Q1 of 2022 are available here.

Long Branch
Average Home Price: $1,588,875
Number of Homes Sold: 8
Average Days on Market: 11

In the community of Long Branch, 8 homes sold in April 2022, representing an increase of 3 homes from the same month last year. The average selling price for homes rose by 13.2% to $1,588,875 in April 2022, from $1,404,220 a year earlier. Two-storey detached homes (3) accounted for nearly half of all sales in April 2022. Average days on market increased to 11 days from 6 days year-over-year.

Average home prices for Long Branch for Q1 of 2022 are available here.

Mimico
Average Home Price: $1,628,267
Number of Homes Sold: 15
Average Days on Market: 7

In the community of Mimico, 15 homes sold in April 2022, representing a decrease of 9 homes over the same month last year. The average selling price for homes rose by 27.6% to $1,628,267 in April 2022, from $1,276,563 a year earlier. Sales were split between a variety of home types in April 2022. Average days on market decreased to 7 days from 8 days year-over-year.

Overall Average Condo Price: $808,374
Total Number of Condos Sold: 86
Average Days on Market: 19

The overall average selling price for condominium apartments in Mimico increased by 9.1% to $808,374 in April 2022, from $741,106 a year earlier. From March to April of this year, the overall average selling price fell by 7.3% from $871,828.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 9.5% to $648,635 in April 2022, from $592,360 in April 2021. Average days on market remained constant at 11 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 11.8% to $941,741 in April 2022, from $842,203 in April 2021. Average days on market decreased to 8 days from 11 days over the same time period.

Average home prices for Mimico for Q1 of 2022 are available here.

New Toronto
Average Home Price: $1,646,167
Number of Homes Sold: 6
Average Days on Market: 7

In the community of New Toronto, 6 homes sold in April 2022, representing a decrease of 13 homes over the same month last year. The average selling price for homes rose by 33.6% to $1,646,167 in April 2022, from $1,232,564 a year earlier. This significant percentage change may be attributed to sales of higher end homes in April 2022. Two-storey detached homes (3) accounted for half of all sales, followed by bungalows (2). Average days on market decreased to 7 days from 9 days year-over-year.

Average home prices for New Toronto for Q1 of 2022 are available here.

Stonegate-Queensway
Average Home Price: $1,726,036
Number of Homes Sold: 28
Average Days on Market: 9

In the community of Stonegate-Queensway, 28 homes sold in April 2022, representing a decrease of 4 homes over the same month last year. The average selling price for homes fell by 5.4% to $1,726,036 in April 2022, from $1,825,496 a year earlier. Bungalows (16) accounted for half of all sales in April 2022. Average days on market remained constant at 9 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 of 2022 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.