January 2021 Real Estate Market Update

The Toronto-area real estate market started the new year on a high note, with home sales up by more than 50% over the same month last year.

This strong start to 2021 encompassed all property types, including condominium apartments, in both Toronto proper and surrounding regions.

Buyer demand was highest in the condo sector, which hit a record year-over-year sales increase of 85.5%. While improved affordability — a slight depreciation in the average condo price combined with record low interest rates — was a factor in the sales numbers, this is a story of availability in an otherwise inventory starved market and the massive demand that persists.

While detached home sales increased by a lesser extent, they still rose by 34.4% compared to January 2020. This demonstrates the continued high demand from buyers for more space, even as average prices increased by nearly the same rate as sales.

The average selling price for a detached home in the Greater Toronto Area was $1,359,915, up nearly $325,000 from January 2020. The 905-region saw the greatest price gain, jumping 36.6% to $1,308,393, from $957,287, amid tight demand-supply conditions as people moved out of the city. In Toronto, the average price rose 16% to $1,581,400 from $1,369,848.

The average condo price was down in Toronto by 4.7%, as a result of oversupply in the market following a flood of listings last fall. However, if condo sales growth continues to outstrip condo listings growth, there could be a rebound in prices later this year.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in January. 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: $1,324,648
Number of Homes Sold: 6
Average Days on Market: 33

In the community of Alderwood, 6 homes sold in January 2021, representing a decrease of 2 homes over the same month last year. The average selling price for a home rose 9.4% to $1,324,648 in January 2021, from $1,211,167 a year earlier. Semi-detached (4) and two-storey detached homes (2) accounted for all sales in January 2021. Average days on market significantly increased to 33 days from 6 days year-over-year.

Average home prices for Alderwood for Q4 2020 are available here.

Islington-City Centre West
Average Home Price: $2,046,875
Number of Homes Sold: 8
Average Days on Market: 52

In the community of Islington-City Centre West, 8 homes sold in January 2021, representing a decrease of 1 home over the same month last year. The average selling price for a home rose 13.1% to $2,046,875 in January 2021, from $1,809,078 a year earlier. Two-storey detached homes accounted for half of all sales in January 2021. Average days on market increased to 52 days from 47 days year-over-year.

Overall Average Condo Price: $558,272
Total Number of Condos Sold: 65
Average Days on Market: 35

The average selling price for a one-bedroom, one-bathroom condominium apartment in Islington-City Centre West declined 2.9% to $472,028 in January 2021, from $485,900 in January 2020. Average days on market significantly increased to 28 days from 5 days over the same time period.

The average selling price for a two-bedroom, two-bathroom condominium apartment in Islington-City Centre West declined 4% to $598,194 in January 2021, from $623,150 in January 2020. Average days on market significantly increased to 45 days from 10 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: $1,338,600
Number of Homes Sold: 5
Average Days on Market: 21

In the community of Long Branch, 5 homes sold in January 2021, representing no change from the same month last year. The average selling price for a home declined 22.8% to $1,338,600 in January 2021, from $1,733,143 a year earlier. This significant decrease could be attributed to more sales of higher end homes in January 2020. Semi-detached (2) and one-and-a-half-storey homes (2) accounted for almost all sales in January 2021. Average days on market decreased significantly to 21 days from 64 days year-over-year.

Average home prices for Long Branch for Q4 2020 are available here.

Mimico
Average Home Price: $1,383,639
Number of Homes Sold: 18
Average Days on Market: 19

In the community of Mimico, 18 homes sold in January 2021, representing an increase of 6 homes over the same month last year. The average selling price for a home rose 7.9% to $1,383,639 in January 2021, from $1,282,592 a year earlier. Two-storey detached homes (7) accounted for nearly half of all sales in January 2021. Average days on market decreased to 19 days from 26 days year-over-year.

Overall Average Condo Price: $685,798
Total Number of Condos Sold: 100
Average Days on Market: 32

The average selling price for a one-bedroom, one-bathroom condominium apartment in Mimico decreased 4.6% to $526,369 in January 2021, from $551,667 in January 2020. Average days on market increased to 32 days from 17 days over the same time period.

The average selling price for a two-bedroom, two-bathroom condominium apartment in Mimico increased 6.2% to $777,864 in January 2021, from $732,696 in January 2020. Average days on market increased to 37 days from 20 days over the same time period.

Average home prices for Mimico for Q4 2020 are available here.

New Toronto
Average Home Price: $1,060,000
Number of Homes Sold: 4
Average Days on Market: 24

In the community of New Toronto, 4 homes sold in January 2021, representing an increase of 2 homes over the same month last year. The average selling price for a home rose to $1,060,000 in January 2021, from $1,059,500 a year earlier, representing no real change. Sales were fairly evenly split between all home types in January 2021. Average days on market decreased to 24 days from 57 days year-over-year. 

Average home prices for New Toronto for Q4 2020 are available here.

Stonegate-Queensway
Average Home Price: $1,354,071
Number of Homes Sold: 7
Average Days on Market: 43

In the community of Stonegate-Queensway, 7 homes sold in January 2021, representing a decrease of 1 home over the same month last year. The average selling price for a home rose 4.7% to $1,354,071 in January 2021, from $1,293,625 a year earlier. Bungalows (5) accounted for nearly three-quarters of all sales in January 2021. Average days on market increased to 43 days from 24 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.