July 2021 Real Estate Market Update

After months of near insanity in the Toronto market culminating in a March peak, all signs point to a return to seasonal real estate conditions — highs in spring and fall and a slowing down in summer and winter.

Sales numbers have been consistently drifting downwards since April, with July marking yet another month of decline. Almost 9,400 properties changed hands last month in the Greater Toronto Area (GTA) — a decline of 1,626 since June. This is also below the record set a year earlier in July 2020, which saw 11,033 transactions.

Despite this, demand for homeownership remained well-above average for the time of year. Of specific note is the condominium apartment market, which has seen a marked turnaround in 2021, with sales up 8.2% year-over-year.

As for prices, they have also moderated since spring but have remained in the double digits, up 12.6% compared to July 2020. The average price for all home types combined was $1,062,256 last month.

The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto, where prices were up 27% year-over-year. In comparison, the 416-area saw price gains of 5.7%.

The condo market also experienced price growth for the fifth straight month, up 6% from July 2020. Again, the 905-region witnessed the greatest increase, with prices up 11.7% year-over-year in comparison to Toronto-proper at 4.8%.

The annual rate of price growth in all market segments means many households are still competing very hard to reach a deal on a home. This strong upward pressure on prices (in both the ownership and rental markets) will be sustained in the absence of more supply, especially as we see a resurgence in population growth based on immigration moving into 2022. There is currently a huge backlog of people seeking citizenship or permanent resident status in Canada. A large share of these newcomers will ultimately choose to call the GTA home.

Months of inventory at the end of July was 1 month, indicating the continuation of a very strong seller’s market.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in July. If you 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: $1,357,333
Number of Homes Sold: 9
Average Days on Market: 20

In the community of Alderwood, 9 homes sold in July 2021, representing a decrease of 14 homes over the same month last year. The average selling price for homes rose by 7% to $1,357,333 in July 2021, from $1,269,109 in July 2020. Bungalows (5) made up more than half of all sales in July 2021. Average days on market decreased to 20 days from 30 days year-over-year.

Average home prices for Alderwood for Q2 2021 are available here.

Islington-City Centre West
Average Home Price: $1,346,100
Number of Homes Sold: 9
Average Days on Market: 21

In the community of Islington-City Centre West, 9 homes sold in July 2021, representing a decrease of 11 homes over the same month last year. The average selling price for homes fell by 4.2% to $1,346,100 in July 2021, from $1,405,100 in July 2020. Bungalows (7) accounted for approximately three-quarters of all sales in July 2021. Average days on market increased to 21 days from 17 days year-over-year.

Overall Average Condo Price: $621,670
Total Number of Condos Sold: 58
Average Days on Market: 20

The overall average selling price for condominium apartments in Islington-City Centre West increased by 7.9% to $621,670 in July 2021, from $576,045 a year earlier. From June to July of this year, the overall average selling price fell by 2.4% from $636,272.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 4.8% to $522,564 in July 2021, from $498,578 in July 2020. Average days on market decreased to 11 days from 15 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominiums apartment in Islington-City Centre West rose by 12.1% to $736,816 in July 2021, from $657,595 in July 2020. Average days on market increased to 23 days from 21 days year-over-year.

Average home prices for Islington-City Centre West for Q2 2021 are available here.

Long Branch
Average Home Price: $1,240,183
Number of Homes Sold: 6
Average Days on Market: 12

In the community of Long Branch, 6 homes sold in July 2021, representing a decrease of 13 homes from the same month last year. The average selling price for homes fell by 14.4% to $1,240,183 in July 2021, from $1,449,556 in July 2020. Bungalows (3) and two-storey detached homes (2) made up almost all sales in July 2021. Average days on market decreased to 12 days from 19 days year-over-year.

Average home prices for Long Branch for Q2 2021 are available here.

Mimico
Average Home Price: $1,213,447
Number of Homes Sold: 10
Average Days on Market: 16

In the community of Mimico, 10 homes sold in July 2021, representing a decrease of 15 homes over the same month last year. The average selling price for homes rose by 4.7% to $1,213,447 in July 2021, from $1,159,496 in July 2020. Sales were fairly evenly split between all home types in July 2021. Average days on market increased to 16 days from 13 days year-over-year.

Overall Average Condo Price: $762,955
Total Number of Condos Sold: 85
Average Days on Market: 18

The overall average selling price for condominium apartments in Mimico rose by 14.8% to $762,955 in July 2021, from $664,905 in July 2020. From June to July of this year, the overall average selling price increased by 0.5% from $758,957.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 10.9% to $605,296 in July 2021, from $546,021 in July 2020. Average days on market decreased to 16 days from 18 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 7.2% to $787,900 in July 2021, from $735,158 in July 2020. Average days on market increased to 16 days from 14 days year-over-year.

Average home prices for Mimico for Q2 2021 are available here.

New Toronto
Average Home Price: $1,118,100
Number of Homes Sold: 10
Average Days on Market: 12

In the community of New Toronto, 10 homes sold in July 2021, representing an increase of 8 homes over the same month last year. The average selling price for homes fell by 31.3% to $1,118,100 in July 2021, from $1,627,500 in July 2020. This significant percentage change is likely attributed to the limited number of sales in July 2020, combined with the fact that one of the two sales was a higher end home. Average days on market decreased to 12 days from 18 days year-over-year.

Average home prices for New Toronto for Q2 2021 are available here.

Stonegate-Queensway
Average Home Price: $2,081,474
Number of Homes Sold: 19
Average Days on Market: 9

In the community of Stonegate-Queensway, 19 homes sold in July 2021, representing an increase of 1 home over the same month last year. The average selling price for homes rose by 37% to $2,081,474 in July 2021, from $1,519,832 in July 2020. Two-storey detached homes (11) accounted for more than half of all sales in July 2020. Average days on market decreased to 9 days from 18 days year-over-year.

Average home prices for Stonegate-Queensway for Q2 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. 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.