February 2022 Real Estate Market Update
February home sales were down compared to the all-time record in 2021, but that didn’t reverse significant price gains made of late. On the contrary, the pace of price growth month-over-month continues to astound. The January to February average price increase was a whopping 7.4%. This is following an equally shocking 7.3% increase from December to January. That means the average home price is up 15.3% since December of last year.
In February, the Greater Toronto Area (GTA) experienced double-digit price growth year-over-year — the average selling price for all home types combined was up by 27.7% to $1,334,544. The pace of price growth varied by home type and region, but there was relative parity between single-family home and condominium apartment growth rates.
As has been the story throughout the pandemic, areas outside the 416 experienced the greatest price increases, though it is still more costly to live in the city. The average price for a detached home in Toronto-proper exceeded $2 million for the first time in history, representing an increase of 23% from February 2021. In comparison, the average price for the same home type in the 905-region was up 32.9% to $1,727,963. In the condo sector, the average price rose by 34.2% to $756,146 in the 905, compared to 21.5% in Toronto, where a unit set buyers back, on average, $822,090.
Unsurprisingly, average listing days dropped to single digits — 9 days on the market — as competition between buyers remained fierce due to exceptionally low inventory levels.
Months of inventory at the end of February was three weeks, indicating a very strong seller’s market.
There are signs of movement toward a slightly more balanced market as new listings did not dip as much as sales. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were lower. The impact of increasing mortgage costs due to interest rate hikes this year is expected to have a moderating effect on home sales, although this likely won’t start to be felt for several months. However, substantial immigration levels and a continued lack of supply will have a countering effect.
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: $1,887,500
Number of Homes Sold: 6
Average Days on Market: 9
In the community of Alderwood, 6 homes sold in February 2022, representing a decrease of 12 homes over the same month last year. The average selling price for homes increased by 43.8% to $1,887,500 in February 2022, from $1,312,833 a year earlier. This significant percentage change may be attributed to the fact that two-thirds of all sales in February 2022 were for higher end, two-storey detached homes. Average days on market decreased to 9 days from 19 days year-over-year.
Average home prices for Alderwood for Q4 of 2021 are available here.
Islington-City Centre West
Average Home Price: $1,886,476
Number of Homes Sold: 9
Average Days on Market: 12
In the community of Islington-City Centre West, 9 homes sold in February 2022, representing a decrease of 9 homes over the same month last year. The average selling price for homes rose by 17.5% to $1,886,476 in February 2022, from $1,605,389 a year earlier. Bungalows (5) accounted for nearly two-thirds of all sales in February 2022. Average days on market decreased to 12 days from 13 days year-over-year.
Overall Average Condo Price: $717,297
Total Number of Condos Sold: 54
Average Days on Market: 7
The overall average selling price for condominium apartments in Islington-City Centre West increased by 19.4% to $717,297 in February 2022, from $600,637 a year earlier. From January to February of this year, the overall average selling price rose by 4.6% from $685,632.
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased by 31.2% to $641,658 in February 2022, from $489,260 in February 2021. Average days on market decreased to 6 days from 15 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased by 21% to $815,740 in February 2022, from $674,449 in February 2021. Average days on market decreased to 11 days from 24 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: $1,979,484
Number of Homes Sold: 7
Average Days on Market: 12
In the community of Long Branch, 7 homes sold in February 2022, representing a decrease of 5 homes from the same month last year. The average selling price for homes rose by 35.1% to $1,979,484 in February 2022, from $1,465,042 a year earlier. This significant percentage change may be attributed to the fact that more than half of all sales in February 2022 were for higher end, two-storey detached homes. Average days on market increased to 12 days from 5 days year-over-year.
Average home prices for Long Branch for Q4 of 2021 are available here.
Mimico
Average Home Price: $1,750,000
Number of Homes Sold: 6
Average Days on Market: 18
In the community of Mimico, 6 homes sold in February 2022, representing a decrease of 6 homes over the same month last year. The average selling price for homes rose by 2.3% to $1,750,000 in February 2022, from $1,710,275 a year earlier. Sales were split between a variety of home types in February 2022. Average days on market decreased to 18 days from 35 days year-over-year.
Overall Average Condo Price: $883,956
Total Number of Condos Sold: 86
Average Days on Market: 14
The overall average selling price for condominium apartments in Mimico increased by 29.9% to $883,956 in February 2022, from $680,716 a year earlier. From January to February of this year, the overall average selling price rose by 4.6% from $845,197.
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased by 23.2% to $675,167 in February 2022, from $548,047 in February 2021. Average days on market decreased to 10 days from 15 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased by 22.9% to $938,091 in February 2022, from $763,188 in February 2021. Average days on market decreased to 8 days from 32 days over the same time period.
Average home prices for Mimico for Q4 of 2021 are available here.
New Toronto
Average Home Price: $1,560,080
Number of Homes Sold: 5
Average Days on Market: 11
In the community of New Toronto, 5 homes sold in February 2022, representing a decrease of 3 homes over the same month last year. The average selling price for homes dipped by 15% to $1,560,080 in February 2022, from $1,835,263 a year earlier. This significant percentage change may be attributed to sales of higher end homes in February 2021. Two-storey detached homes (3) accounted for more than half of all sales in February 2022. Average days on market increased to 11 days from 4 days year-over-year.
Average home prices for New Toronto for Q4 of 2021 are available here.
Stonegate-Queensway
Average Home Price: $1,843,150
Number of Homes Sold: 24
Average Days on Market: 7
In the community of Stonegate-Queensway, 24 homes sold in February 2022, representing an increase of 6 homes over the same month last year. The average selling price for homes dipped by 3.9% to $1,843,150 in February 2022, from $1,918,194 a year earlier. Bungalows (10) and two-storey detached homes (8) combined accounted for three-quarters of all sales in February 2022. Average days on market decreased to 7 days from 9 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.
