August 2021 Real Estate Market Update

The Toronto real estate market took a breather in the last full month of summer, with sales down almost 20% from August 2020. But with demand for new ownership still strong and the supply of new listings at its lowest level in a decade — down nearly 51% year-over-year and equal to just four weeks of inventory — August saw tighter market conditions, sustained competition between buyers and double-digit annual increases in selling prices.

The average selling price for all homes combined was up by almost 13% to $1,070,911 in the Greater Toronto Area (GTA), from $951,219 a year earlier. The strongest annual rates of price growth are still being experienced for detached and semi-detached homes. However, average condominium apartment prices have continued a marked resurgence. Up 7.1% year-over-year, the average condo price climbed to a new high of $688,568 in the GTA. In Toronto-proper, the average price was $720,832. In the 905-region, it was $618,997.

Condos were the only property type with increased unit sales from a year ago. With a price differential of 107% between condos and detached homes, condos were still a significantly more affordable option than the average detached home in the GTA at $1,423,807.

The Toronto Regional Real Estate Board sees no relief on the supply side for homebuyers heading into 2022, and expects market conditions to become even tighter as population growth in the GTA starts to trend back to pre-Covid levels.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in August. If you 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: $1,449,145
Number of Homes Sold: 11
Average Days on Market: 21

In the community of Alderwood, 11 homes sold in August 2021, representing a decrease of 14 homes over the same month last year. The average selling price for homes rose by 18.1% to $1,449,145 in August 2021, from $1,227,340 in August 2020. Bungalows (4) and two-storey detached homes (3) combined accounted for almost two-thirds of all sales in August 2021. Average days on market increased to 21 days from 18 days year-over-year.

Average home prices for Alderwood for Q2 2021 are available here.

Islington-City Centre West
Average Home Price: $1,946,618
Number of Homes Sold: 16
Average Days on Market: 11

In the community of Islington-City Centre West, 16 homes sold in August 2021, representing a decrease of 6 homes over the same month last year. The average selling price for homes rose by 32.6% to $1,946,618 in August 2021, from $1,468,378 in August 2020. This significant percentage change may be attributed, in part or in whole, to sales of larger, higher-end homes in August 2021. Average days on market declined to 11 days from 13 days year-over-year.

Overall Average Condo Price: $617,809
Total Number of Condos Sold: 68
Average Days on Market: 20

The overall average selling price for condominium apartments in Islington-City Centre West increased by 8.8% to $617,809 in August 2021, from $567,773 a year earlier. From July to August of this year, the overall average selling price fell by 0.6% from $621,670.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 7.4% to $523,464 in August 2021, from $487,490 in August 2020. Average days on market increased to 18 days from 13 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominiums apartment in Islington-City Centre West rose by 16.8% to $727,228 in August 2021, from $622,429 in August 2020. Average days on market increased to 24 days from 22 days year-over-year.

Average home prices for Islington-City Centre West for Q2 2021 are available here.

Long Branch
Average Home Price: $1,500,750
Number of Homes Sold: 4
Average Days on Market: 14

In the community of Long Branch, 4 homes sold in August 2021, representing a decrease of 6 homes from the same month last year. The average selling price for homes rose by 29.1% to $1,500,750 in August 2021, from $1,162,940 in August 2020. This significant percentage change may be attributed, in part or in whole, to sales of larger, higher-end homes in August 2021. Sales were evenly split between bungalows (2) and two-storey detached homes (2) last month. Average days on market decreased to 14 days from 15 days year-over-year.

Average home prices for Long Branch for Q2 2021 are available here.

Mimico
Average Home Price: $1,433,750
Number of Homes Sold: 8
Average Days on Market: 11

In the community of Mimico, 8 homes sold in August 2021, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 28.6% to $1,433,750 in August 2021, from $1,114,833 in August 2020. Sales were fairly evenly split between bungalows and other detached home types. Average days on market increased to 11 days from 10 days year-over-year.

Overall Average Condo Price: $747,075
Total Number of Condos Sold: 70
Average Days on Market: 23

The overall average selling price for condominium apartments in Mimico rose by 9.4% to $747,075 in August 2021, from $682,983 in August 2020. From July to August of this year, the overall average selling price decreased by 2.1% from $762,955.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 1.2% to $542,620 in August 2021, from $536,264 in August 2020. Average days on market increased to 23 days from 14 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico fell by 4.6% to $733,319 in August 2021, from $768,360 in August 2020. Average days on market increased to 23 days from 15 days year-over-year.

Average home prices for Mimico for Q2 2021 are available here.

New Toronto
Average Home Price: $1,636,989
Number of Homes Sold: 9
Average Days on Market: 26

In the community of New Toronto, 9 homes sold in August 2021, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 45.4% to $1,636,989 in August 2021, from $1,125,692 in August 2020. This significant percentage change may be attributed, in whole or in part, to the sale of larger, higher-end homes in August 2021. Average days on market increased to 26 days from 5 days year-over-year.

Average home prices for New Toronto for Q2 2021 are available here.

Stonegate-Queensway
Average Home Price: $1,700,921
Number of Homes Sold: 18
Average Days on Market: 10

In the community of Stonegate-Queensway, 18 homes sold in August 2021, representing a decrease of 6 homes over the same month last year. The average selling price for homes rose by 19.5% to $1,700,921 in August 2021, from $1,422,979 in August 2020. Bungalows (6) and two-storey detached homes (4) combined accounted for more than half of all sales in August 2020. Average days on market decreased to 10 days from 11 days year-over-year.

Average home prices for Stonegate-Queensway for Q2 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.