March 2021 Real Estate Market Update
Competition for homes remained intense in March, resulting in yet another record-breaking month for property prices.
The average selling price for all home types in the Greater Toronto Area (GTA) was $1,097,565, up 5% from February and 21.6% year-over-year.
Following the recent trend, home sales in areas surrounding Toronto drove price growth. Detached homes in the 905 region saw the greatest price appreciation, jumping 31.4% to 1,320,570 in March, from $1,005,999 a year earlier. The average selling price for semi-detached and townhomes rose by 20.6% and 22.6%, respectively, over the same time period. The purchase price for a condominium apartment also increased, albeit to a lesser extent at 13.4%.
While detached homes in the 416 region also saw the biggest price jump, appreciation was lower at 19.2%. Still, the average selling price was $284,692 higher than March 2020, rising to $1,750,518, from $1,465,826. Similarly, semi-detached and townhomes were costlier, up 11.5% and 15%, respectively, year-over-year.
Where the 905 and 416 regions diverged was the condo market, with prices down 0.7% in Toronto proper. This is actually good news for the sector given just a few months ago the negative growth rate was higher. All signs indicate the very brief softening of condo prices in Toronto has passed and those looking for a bargain will unlikely find one. With sales activity surpassing even that of March 2017 — the previous high watermark for the month — buyers should anticipate renewed price acceleration for condos in the months ahead.
March also saw record sales numbers at 15,652. This is close to double that of the same month last year, though comparing the time periods is somewhat problematic give COVID-19’s market-halting impact in mid-March 2020.
Confidence in economic recovery coupled with low borrowing costs supported the pace of home sales last month.
New listings were also up year-over-year but their annual growth rate was far below that of sales, including in the condo market segment. As a result, March reported a record fast absorption rate, with less than three weeks of available inventory at the end of the month. Add on a five-year ‘days on market’ low of just 10 days, and the speed of the market has never been faster.
The continued lack of inventory and double-digit price growth have implications for both affordability and long-term sustainability. This has reinvigorated discussions about a housing bubble and potential policy interventions to curb an out of control market, though there appears to be government reluctance for fear of hurting a fragile economy.
Looking forward, it’s expected that the extreme seller’s market will moderate as the year progresses. Some fatigued buyers will step away in the face of sharply higher prices and the supply of new listings should improve as people feel more confident that the health crisis is under control. So, while it’s still going to be a seller’s market and prices are going to continue to rise, they won’t do so at the pace they’re increasing at right now.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in March. 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: $1,440,902
Number of Homes Sold: 24
Average Days on Market: 16
In the community of Alderwood, 24 homes sold in March 2021, representing an increase of 14 homes over the same month last year. The average selling price for homes rose 30.8% to $1,440,902 in March 2021, from $1,101,350 a year earlier. Month-over-month, the average selling price increased 9.8% from February to March. Two-storey detached homes (9) accounted for more than one-third of all sales in March 2021, followed by bungalows (6). Average days on market decreased to 16 days from 30 days year-over-year.
Average home prices for Alderwood for Q1 2021 are available here.
Islington-City Centre West
Average Home Price: $1,768,582
Number of Homes Sold: 31
Average Days on Market: 13
In the community of Islington-City Centre West, 31 homes sold in March 2021, representing an increase of 21 homes over the same month last year. The average selling price for homes rose 20.6% to $1,768,582 in March 2021, from $1,466,300 a year earlier. Month-over-month, the average selling price increased 10.2% from February to March. Two-storey detached homes (12) accounted for more than one-third of all sales in March 2021, followed by bungalows (11). Average days on market decreased to 13 days from 14 days year-over-year.
Overall Average Condo Price: $621,727
Total Number of Condos Sold: 83
Average Days on Market: 11
The overall average selling price for condominium apartments in Islington-City Centre West increased 4.1% to $621,727 in March 2021, from $597,063 in March 2020. In just one month, from February to March of this year, the overall average selling price rose 3.5% from $600,637.
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 0.1% to $521,718 in March 2021, from $521,011 in March 2020. Month-over-month, the average selling price rose 6.6% from February to March. Average days on market increased to 15 days from 6 days year-over-year.
The average selling price for two-bedroom, two-bathroom condominiums apartment in Islington-City Centre West increased 3.1% to $704,023 in March 2021, from $633,417 in March 2020. Month-over-month, the average selling price rose 4.4% from February to March. Average days on market increased to 13 days from 8 days year-over-year.
Average home prices for Islington-City Centre West for Q1 2021 are available here.
Long Branch
Average Home Price: $1,458,450
Number of Homes Sold: 10
Average Days on Market: 9
In the community of Long Branch, 10 homes sold in March 2021, representing an increase of 6 homes from the same month last year. The average selling price for homes rose 50.3% to $1,458,450 in March 2021, from $970,250 a year earlier. Month-over-month, the average selling price decreased 0.5% from February to March. Sales were fairly evenly split between all home types in March 2021. Average days on market increased to 10 days from 6 days year-over-year.
Average home prices for Long Branch for Q1 2021 are available here.
Mimico
Average Home Price: $1,163,841
Number of Homes Sold: 27
Average Days on Market: 6
In the community of Mimico, 27 homes sold in March 2021, representing an increase of 14 homes over the same month last year. The average selling price for homes dipped 3.8% to $1,163,841 in March 2021, from $1,210,329 a year earlier. Month-over-month, the average selling price declined 32% from February to March. This significant percentage change could be attributed to fewer sales of higher end homes in March, which saw sales fairly evenly split between all home types. Average days on market remained constant at 6 days year-over-year.
Overall Average Condo Price: $777,428
Total Number of Condos Sold: 136
Average Days on Market: 12
The overall average selling price for condominium apartments in Mimico increased 12.6% to $777,428 in March 2021, from $690,422 in March 2020. In just one month, from February to March of this year, the overall average selling price rose 14.2% from $680,716.
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 3.6% to $585,115 in March 2021, from $565,062 in March 2020. Month-over-month, the average selling price rose 6.8% from February to March. Average days on market decreased to 7 days from 11 days year-over-year.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 12.8% to $833,848 in March 2021, from $739,094 in March 2020. Month-over-month, the average selling price rose 9.3% from February to March. Average days on market significantly decreased to 13 days from 35 days year-over-year.
Average home prices for Mimico for Q1 2021 are available here.
New Toronto
Average Home Price: $1,357,790
Number of Homes Sold: 10
Average Days on Market: 9
In the community of New Toronto, 10 homes sold in March 2021, representing an increase of 5 homes over the same month last year. The average selling price for homes rose 34.4% to $1,357,790 in March 2021, from $1,010,200 a year earlier. Month-over-month, the average selling price declined 26% from February to March. This significant percentage change could be attributed to fewer sales of higher end homes in March, which saw sales fairly evenly split between all home types. Average days on market increased to 9 days from 7 days year-over-year.
Average home prices for New Toronto for Q1 2021 are available here.
Stonegate-Queensway
Average Home Price: $1,691,056
Number of Homes Sold: 31
Average Days on Market: 10
In the community of Stonegate-Queensway, 31 homes sold in March 2021, representing an increase of 23 homes over the same month last year. The average selling price for homes rose 32% to $1,691,056 in March 2021, from $1,280,813 a year earlier. Month-over-month, the average selling price declined 7.9% from February to March. This percentage change could be attributed to more inventory in March. Bungalows (14) accounted for nearly half of all sales, followed by two-storey detached homes (10). Average days on market increased to 10 days from 4 days year-over-year.
Average home prices for Stonegate-Queensway for Q1 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.
