January 2022 Real Estate Market Update

Active listings for Greater Toronto Area (GTA) homes hit the lowest level in more than two decades — down 44% year-over-year — as a result of sales and new listings moving in relative lock step in January.

The continuation of tight market conditions impacted the average selling price, which was up 28.6% to $1,242,793, from $966,068 in January 2021. Prices were strongest in the 905-area, where detached, semi-detached, townhomes and condominium apartments all saw gains of 30% or more. In Toronto-proper, townhomes led the way, up 32.6%. The average selling price for condos climbed to $760,643, an approximate increase of 22%.

Months of inventory at the end of January was just under three weeks.

The average listing days on market was 13 days, down from 24 days at the beginning of 2021, indicating homes continue to be snapped up quickly in a very strong seller’s market.

The Toronto Regional Real Estate Board‘s market outlook for 2022 is calling for strong home sales in the GTA, with the average selling price expected to increase by 12% by the end of 2022, when compared to 2021, hitting yet another new record.

The latest TRREB polling conducted by Ipsos reveals detached homes are on the top of the list for buyers, especially in suburban areas, while the overall percentage of first-time home buyers will likely drop in 2022. In the ‘416,’ a higher share of intending buyers will be focused on the condo market and first-time buyer activity could actually increase in this area compared to last year, following the resurgence in condo demand.

Home sales will remain strong historically but transactions are expected to be slightly off last year’s record pace due to anticipated higher borrowing costs in 2022, the smaller pool of ready buyers and lack of inventory.

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: $2,069,139
Number of Homes Sold: 4
Average Days on Market: 19

In the community of Alderwood, 4 homes sold in January 2022, representing a decrease of 2 homes over the same month last year. The average selling price for homes increased by 56.2% to $2,069,139 in January 2022, from $1,324,648 a year earlier. This significant percentage change may be attributed to the fact that half of all sales in January 2022 were for higher end, two-storey detached homes. Average days on market decreased to 19 days from 33 days year-over-year.

Average home prices for Alderwood for Q4 of 2021 are available here.

Islington-City Centre West
Average Home Price: $1,626,910
Number of Homes Sold: 10
Average Days on Market: 10

In the community of Islington-City Centre West, 10 homes sold in January 2022, representing an increase of 2 homes over the same month last year. The average selling price for homes declined by 20.1% to $1,626,910 in January 2022, from $2,046,875 a year earlier. This percentage change may be attributed to more sales of higher end homes in January 2021. Bungalows (4) accounted for nearly half of all sales in January 2022. Average days on market decreased to 10 days from 52 days year-over-year.

Overall Average Condo Price: $685,632
Total Number of Condos Sold: 42
Average Days on Market: 16

The overall average selling price for condominium apartments in Islington-City Centre West increased by 22.8% to $685,632 in January 2022, from $558,272 a year earlier. From December 2021 to January of this year, the overall average selling price rose by 5.8% from $648,050.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased by 22.9% to $580,183 in January 2022, from $472,028 in January 2021. Average days on market decreased to 9 days from 28 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased by 24.6% to $745,125 in January 2022, from $598,194 in January 2021. Average days on market decreased to 31 days from 45 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: $1,434,785
Number of Homes Sold: 5
Average Days on Market: 20

In the community of Long Branch, 5 homes sold in January 2022, representing no change from the same month last year. The average selling price for homes rose by 7.2% to $1,434,785 in January 2022, from $1,338,600 a year earlier. Bungalows (3) and three-storey townhomes (2) accounted for all sales in January 2022. Average days on market decreased to 20 days from 21 days year-over-year.

Average home prices for Long Branch for Q4 of 2021 are available here.

Mimico
Average Home Price: $1,636,333
Number of Homes Sold: 9
Average Days on Market: 8

In the community of Mimico, 9 homes sold in January 2022, representing a decrease of 9 homes over the same month last year. The average selling price for homes rose by 18.3% to $1,636,333 in January 2022, from $1,383,639 a year earlier. Bungalows (4) and two-storey detached homes (2) accounted for more than half of all sales in January 2022. Average days on market decreased to 8 days from 19 days year-over-year.

Overall Average Condo Price: $845,197
Total Number of Condos Sold: 63
Average Days on Market: 25

The overall average selling price for condominium apartments in Mimico increased by 23.2% to $845,197 in January 2022, from $685,798 a year earlier. From December 2021 to January of this year, the overall average selling price rose by 10.2% from $767,074.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased by 18.9% to $625,573 in January 2022, from $526,369 in January 2021. Average days on market increased to 52 days from 32 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased by 25.7% to $977,681 in January 2022, from $777,864 in January 2021. Average days on market decreased to 21 days from 37 days over the same time period.

Average home prices for Mimico for Q4 of 2021 are available here.

New Toronto
Average Home Price: $1,602,000
Number of Homes Sold: 8
Average Days on Market: 17

In the community of New Toronto, 8 homes sold in January 2022, representing an increase of 4 homes over the same month last year. The average selling price for homes rose by 51.1% to $1,602,000 in January 2022, from $1,060,000 a year earlier. This significant percentage change may be attributed to more sales of higher end homes in January 2022. Sales were split between a variety of home types, with two-storey detached homes (3) leading the way. Average days on market decreased to 17 days from 24 days year-over-year.

Average home prices for New Toronto for Q4 of 2021 are available here.

Stonegate-Queensway
Average Home Price: $1,833,338
Number of Homes Sold: 9
Average Days on Market: 42

In the community of Stonegate-Queensway, 9 homes sold in January 2022, representing an increase of 2 homes over the same month last year. The average selling price for homes rose by 35.4% to $1,833,338 in January 2022, from $1,354,071 a year earlier. Two-storey detached homes (7) accounted for more than three-quarters of all sales in January 2022. Average days on market decreased to 42 days from 43 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.