June 2021 Real Estate Market Update

Home sales and prices were down in June, but this hasn’t stopped the Toronto Regional Real Estate Board (TRREB) from upgrading its forecast for the year.

With year-over-year sales growth continuing to outpace new listings growth, the board now expects 2021 will deliver 115,000 home sales with an average price of $1,070,000. It previously predicted 105,000 transactions with an average selling price of $1,025,000.

There were 11,106 property sales reported in June across the Greater Toronto Area (GTA), with the average price across all property types coming in at $1,089,536. Both numbers were down once again, which reflects a transitioning of market activity over the past three months from a record rate that peaked in March 2021, to a more moderate yet robust pace.

June was the first month under the new stricter mortgage stress test imposed by the federal government. This may have had a slight cooling effect on activity but the drop in sales is more likely reflecting that, in the absence of normal population growth due to stalled immigration, pent-up demand has been satisfied.

While this could provide some relief for homebuyers in the near term, a resumption of population growth based on immigration is only months away. This anticipated influx and its associated housing demand will have an impact on the GTA market.

Months of inventory at the end of June was 1.0, indicating a continued strong seller’s market. This is likely to stay the course into fall and beyond.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in June and Q2 2021. 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: $1,191,958
Number of Homes Sold: 24
Average Days on Market: 8

In the community of Alderwood, 24 homes sold in June 2021, representing an increase of 8 homes over the same month last year. The average selling price for homes rose by just 0.4% to $1,191,958 in June 2021, from $1,187,087 in June 2020. Two-storey detached homes (8) and bungalows (8) combined accounted for two-thirds of all sales in June 2021. Average days on market decreased to 8 days from 21 days year-over-year.

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

Islington-City Centre West
Average Home Price: $1,891,987
Number of Homes Sold: 20
Average Days on Market: 13

In the community of Islington-City Centre West, 20 homes sold in June 2021, representing an increase of 4 homes over the same month last year. The average selling price for homes rose by 36.3% to $1,891,987 in June 2021, from $1,388,063 in June 2020. This significant percentage change may be attributed to more sales of larger higher end homes in June 2021. Two-storey detached homes accounted for 8 sales in June 2021, followed by bungalows (5) and 1.5-storey homes (4). Average days on market decreased to 13 days from 15 days year-over-year.

Overall Average Condo Price: $636,272
Total Number of Condos Sold: 69
Average Days on Market: 12

The overall average selling price for condominium apartments in Islington-City Centre West increased by 15.1% to $636,272 in June 2021, from $552,989 a year earlier. From May to June of this year, the overall average selling price rose by 2% from $624,091.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 5.7% to $518,292 in June 2021, from $490,439 in June 2020. Average days on market decreased to 8 days from 16 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West rose by 16.5% to $719,381 in June 2021, from $617,542 in June 2020. Average days on market decreased to 14 days from 19 days year-over-year.

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

Long Branch
Average Home Price: $1,334,643
Number of Homes Sold: 14
Average Days on Market: 8

In the community of Long Branch, 14 homes sold in June 2021, representing an increase of 4 homes from the same month last year. The average selling price for homes rose by 8.8% to $1,334,643 in June 2021, from $1,226,930 in June 2020. Two-storey detached homes (6) accounted for nearly half of all sales, followed by 1.5-storey homes (4). Average days on market increased to 8 days from 7 days year-over-year.

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

Mimico
Average Home Price: $1,387,341
Number of Homes Sold: 27
Average Days on Market: 21

In the community of Mimico, 27 homes sold in June 2021, representing an increase of 8 homes over the same month last year. The average selling price for homes rose by 15.3% to $1,387,341 in June 2021, from $1,175,311 in June 2020. Two-storey detached homes accounted for the most sales at 11, followed by townhomes (6). Average days on market increased to 21 days from 13 days year-over-year.

Overall Average Condo Price: $758,957
Total Number of Condos Sold: 108
Average Days on Market: 18

The overall average selling price for condominium apartments in Mimico rose by 16.6% to $758,957 in June 2021, from $651,085 in June 2020. From May to June of this year, the overall average selling price decreased by 0.4% from $762,085.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 8.4% to $580,759 in June 2021, from $535,888 in June 2020. Average days on market increased to 15 days from 14 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 11.6% to $843,759 in June 2021, from $756,219 in June 2020. Average days on market increased to 18 days from 16 days year-over-year.

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

New Toronto
Average Home Price: $1,131,093
Number of Homes Sold: 13
Average Days on Market: 13

In the community of New Toronto, 13 homes sold in June 2021, representing an increase of 1 home over the same month last year. The average selling price for homes rose by just 1.6% to $1,131,093 in June 2021, from $1,112,792 in June 2020. Bungalows (5) accounted for most sales in June 2021. Average days on market increased to 13 days from 11 days year-over-year.

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

Stonegate-Queensway
Average Home Price: $1,851,466
Number of Homes Sold: 24
Average Days on Market: 10

In the community of Stonegate-Queensway, 24 homes sold in June 2021, representing an increase of 8 homes over the same month last year. The average selling price for homes rose by 25.3% to $1,851,466 in June 2021, from $1,477,875 in June 2020. Bungalows (13) accounted for more than half of all sales, followed by two-storey detached homes (8). Average days on market decreased to 10 days from 24 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.