February 2021 Real Estate Market Update
The average selling price for a home is now more than $1 million.
This is the first time the Greater Toronto Area (GTA) has breached this mark, and it has done so even earlier than expected as bidding wars broke out on properties that came up for sale amid a housing supply shortage.
The Toronto Regional Real Estate Board had projected prices would rally to this new all-time high sometime in 2021, but did not anticipate it would be in February. The average selling price topped out at $1,045,488 last month, up nearly 15% year-over year.
While market conditions were tight throughout the GTA region, the detached, semi-detached and townhouse segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20% in all three cases. In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year.
Months of inventory has now dropped below one month and is sitting around 3.5 weeks. This number indicates how much time it will take to sell the existing inventory of homes if no other listings are added to the market. Anything between one and four months is considered a seller’s market, so the fact that the absorption rate is below this explains why prices continue to accelerate at an unprecedented rate.
Record home sales also continued last month, as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. Home sales were up by more than 52% over February 2020.
Of all market segments, condominium apartments led the way in sales with a 64% increase compared to last year. Rates of increase were similar in both the 416 and 905 area codes. Despite this, the average condo price was still down 3.7% across the GTA year-over-year. However, if condo sales continue to outstrip new listings, renewed price growth in this sector is a distinct possibility in the second half of 2021.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in February. 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: $1,312,833
Number of Homes Sold: 18
Average Days on Market: 19
In the community of Alderwood, 18 homes sold in February 2021, representing an increase of 12 homes over the same month last year. The average selling price for homes rose 20.1% to $1,312,833 in February 2021, from $1,088,667 a year earlier. Bungalows (9) accounted for half of all sales in February 2021, followed by two-storey detached homes (6). Average days on market increased to 19 days from 16 days year-over-year.
Average home prices for Alderwood for Q4 2020 are available here.
Islington-City Centre West
Average Home Price: $1,605,389
Number of Homes Sold: 18
Average Days on Market: 13
In the community of Islington-City Centre West, 18 homes sold in February 2021, representing an increase of 4 homes over the same month last year. The average selling price for homes rose 12.6% to $1,605,389 in February 2021, from $1,425,600 a year earlier. Sales were fairly evenly split between all home types in February 2021. Average days on market decreased to 13 days from 21 days year-over-year.
Overall Average Condo Price: $600,637
Total Number of Condos Sold: 66
Average Days on Market: 16
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West declined 4.8% to $489,260 in February 2021, from $513,875 in February 2020. Average days on market increased to 15 days from 6 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 3.1% to $674,449 in February 2021, from $654,212 in February 2020. Average days on market increased to 24 days from 11 days over the same time period.
Average home prices for Islington-City Centre West for Q4 2020 are available here.
Long Branch
Average Home Price: $1,465,042
Number of Homes Sold: 12
Average Days on Market: 5
In the community of Long Branch, 12 homes sold in February 2021, representing an increase of 3 homes from the same month last year. The average selling price for homes rose 10.6% to $1,465,042 in February 2021, from $1,324,889 a year earlier. Two-storey detached homes (6) accounted for half of all sales in February 2021, followed by bungalows (4). Average days on market decreased significantly to 5 days from 33 days year-over-year.
Average home prices for Long Branch for Q4 2020 are available here.
Mimico
Average Home Price: $1,710,275
Number of Homes Sold: 12
Average Days on Market: 35
In the community of Mimico, 12 homes sold in February 2021, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose 30.1% to $1,710,275 in February 2021, from $1,306,237 a year earlier. This significant percentage increase could be attributed to more sales of higher end homes. Two-storey detached homes (5) accounted for nearly half of all sales in February 2021. Average days on market increased to 35 days from 18 days year-over-year.
Overall Average Condo Price: $680,716
Total Number of Condos Sold: 119
Average Days on Market: 23
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico decreased 2.2% to $548,047 in February 2021, from $560,401 in February 2020. Average days on market increased to 15 days from 7 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico decreased 9.1% to $763,188 in February 2021, from $839,521 in February 2020. Average days on market increased to 32 days from 22 days over the same time period.
Average home prices for Mimico for Q4 2020 are available here.
New Toronto
Average Home Price: $1,835,263
Number of Homes Sold: 8
Average Days on Market: 4
In the community of New Toronto, 8 homes sold in February 2021, representing an increase of 4 homes over the same month last year. The average selling price for homes rose 65.9% to $1,835,263 in February 2021, from $1,106,449 a year earlier. This significant percentage increase could be attributed to more sales of higher end homes. Two-storey detached homes (5) accounted for nearly two-thirds of all sales in February 2021. Average days on market decreased to 4 days from 6 days year-over-year.
Average home prices for New Toronto for Q4 2020 are available here.
Stonegate-Queensway
Average Home Price: $1,918,194
Number of Homes Sold: 18
Average Days on Market: 9
In the community of Stonegate-Queensway, 18 homes sold in February 2021, representing no change from the same month last year. The average selling price for homes rose 22% to $1,918,194 in February 2021, from $1,572,062 a year earlier. Two-storey detached homes (7) and bungalows (4) accounted for nearly two-thirds of all sales in February 2021. Average days on market decreased to 9 days from 20 days year-over-year.
Average home prices for Stonegate-Queensway for Q4 2020 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.
