December 2021 Real Estate Market Update
December marked the end of a strong seller’s market year in the Greater Toronto Area (GTA), with demand consistently outstripping supply.
Prices reached an all-time high average selling price of $1,095,475 — an increase of 17.8% compared to the previous 2020 record of $929,636.
The benchmark price for detached homes increased by 28.8% year-over-year to $1,598,735. The average selling price for a condominium apartment was $711,933 in December 2021, up 18.5% from the previous year.
Despite a lack of inventory due to unbelievably high buyer demand — active listings simply couldn’t keep pace and new listings were down by 11.9% in December 2021, compared to the same month last year — there was no shortage of sales in 2021. More than 122,000 homes changed hands, marking the greatest year in sales in the GTA’s history.
Days on market decreased to 14 days from 24 days at the beginning of 2021, indicating homes were being snapped up even more quickly.
Months of inventory at the end of 2021 was just over two weeks, setting the stage for another year of intense competition between buyers and further price growth.
One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for homes within the City of Toronto. Overall sales in the 416 area code were up by a substantially greater annual rate (36.8%) compared to sales growth for the surrounding GTA suburbs combined (23.6%). The marked recovery in the condo segment was a key driver of this trend.
Looking forward, the best way to moderate price growth will be to bring on more supply. History has shown that demand-side policies like additional taxation on principal residences, foreign buyers and small-scale investors have not been sustainable long-term solutions to housing affordability or supply constraints.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in December. 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: $1,606,340
Number of Homes Sold: 5
Average Days on Market: 29
In the community of Alderwood, 5 homes sold in December 2021, representing a decrease of 1 home over the same month last year. The average selling price for homes increased by 37.4% to $1,606,340 in December 2021, from $1,169,469 a year earlier. This significant percentage change may be partially attributed to sales of higher end homes in December 2021. Bungalows (2) and two-storey detached homes (2) combined accounted for almost all sales. Average days on market increased to 29 days from 24 days year-over-year.
Average home prices for Alderwood for Q4 of 2021 are available here.
Islington-City Centre West
Average Home Price: $1,712,500
Number of Homes Sold: 14
Average Days on Market: 18
In the community of Islington-City Centre West, 14 homes sold in December 2021, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 13% to $1,712,500 in December 2021, from $1,515,889 a year earlier. Bungalows (8) accounted for more than half of all sales. Average days on market decreased to 18 days from 31 days year-over-year.
Overall Average Condo Price: $648,050
Total Number of Condos Sold: 32
Average Days on Market: 21
The overall average selling price for condominium apartments in Islington-City Centre West increased by 16.6% to $648,050 in December 2021, from $555,588 a year earlier. From November to December of this year, the overall average selling price rose by 4.5% from $620,044.
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased by 19.8% to $557,814 in December 2021, from $465,544 in December 2020. Average days on market decreased to 20 days from 34 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased by 30.4% to $782,791 in December 2021, from $600,455 in December 2020. Average days on market decreased to 28 days from 32 days over the same time period.
Average home prices for Islington-City Centre West for Q4 of 2021 are available here.
Long Branch
Average Home Price: $1,531,667
Number of Homes Sold: 3
Average Days on Market: 21
In the community of Long Branch, 3 homes sold in December 2021, representing a decrease of 2 homes from the same month last year. The average selling price for homes rose by 10.2% to $1,531,667 in December 2021, from $1,390,100 a year earlier. Sales were split between bungalows (1), two-storey detached homes (1) and three-storey townhomes (1). Average days on market decreased significantly to 21 days from 62 days year-over-year.
Average home prices for Long Branch for Q4 of 2021 are available here.
Mimico
Average Home Price: $1,552,857
Number of Homes Sold: 7
Average Days on Market: 40
In the community of Mimico, 7 homes sold in December 2021, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 3.5% to $1,552,857 in December 2021, from $1,500,599 a year earlier. Two-storey detached homes (2) and bungalows (2) combined accounted for more than half of all sales in December 2021. Average days on market significantly increased to 40 days from 18 days year-over-year.
Overall Average Condo Price: $767,074
Total Number of Condos Sold: 63
Average Days on Market: 26
The overall average selling price for condominium apartments in Mimico increased by 18.5% to $767,074 in December 2021, from $646,425 a year earlier. From November to December of this year, the overall average selling price rose by 2.4% from $749,129.
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased by 15.3% to $591,867 in December 2021, from $513,371 in December 2020. Average days on market decreased to 22 days from 36 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased by 28% to $935,438 in December 2021, from $730,624 in December 2020. Average days on market decreased to 23 days from 35 days over the same time period.
Average home prices for Mimico for Q4 of 2021 are available here.
New Toronto
Average Home Price: $1,553,515
Number of Homes Sold: 6
Average Days on Market: 18
In the community of New Toronto, 6 homes sold in December 2021, representing a decrease of 2 homes over the same month last year. The average selling price for homes rose by 36.4% to $1,553,515 in December 2021, from $1,139,063 a year earlier. This significant percentage change may be partially attributed to sales of higher end homes in December 2021. Sales were split between a variety of home types, with two-storey detached homes (2) leading the way. Average days on market significantly decreased to 18 days from 53 days year-over-year.
Average home prices for New Toronto for Q4 of 2021 are available here.
Stonegate-Queensway
Average Home Price: $1,636,770
Number of Homes Sold: 15
Average Days on Market: 19
In the community of Stonegate-Queensway, 15 homes sold in December 2021, representing an increase of 2 homes over the same month last year. The average selling price for homes rose by 11.9% to $1,636,770 in December 2021, from $1,462,731 a year earlier. Bungalows (7) accounted for almost half of all sales, followed by two-storey detached homes (3) and three-storey townhomes (3). Average days on market decreased to 19 days from 33 days year-over-year.
Average home prices for Stonegate-Queensway for Q4 of 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.
