March 2022 Real Estate Market Update

The average selling price of a home in the Greater Toronto Area (GTA) fell slightly in March, bucking the usual trend that sees gains as the spring market heats up.

Price growth month-over-month dipped 2.6% to $1,299,894, from $1,334,544 in February. However, year-over-year prices were up 18.5%, supported by continued tight market conditions where there were more buyers than homes for sale.

But compared to March 2021, new listings were down by a much lesser extent, which suggests homebuyers did not experience the same level of competition compared to a year earlier.

Sales were also down year-over-year by 30% for all major market segments, although condominium transactions fell by a lot lower annual rate.

Still, homes did not stay listed for long. The average number of listing days on market was 8, compared to the 10-day average in March 2021.

Months of inventory at the end of March was just shy of one month, indicating a very strong seller’s market.

Comparing the first quarter of 2022 to that of 2021, the market was more balanced. If housing supply continues to increase — inventory levels tripled in March, from the low reported in December 2021 — there are additional interest rate hikes, and runaway inflation and the Ford government’s higher foreign buyer tax continue to influence homebuying decisions, it is possible that the pace of price growth could moderate as we move through the year. However, there are other factors to offset this, including population growth, primarily fuelled by immigration, and the demand for home ownership is not going away.

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: $1,751,278
Number of Homes Sold: 14
Average Days on Market: 19

In the community of Alderwood, 14 homes sold in March 2022, representing a decrease of 10 homes over the same month last year. The average selling price for homes rose by 21.5% to $1,751,278 in March 2022, from $1,440,902 a year earlier. Two-storey detached homes (4) and bungalows (4) combined accounted for more than half of all sales in March 2022. Average days on market increased to 19 days from 16 days year-over-year.

Average home prices for Alderwood for Q1 of 2022 are available here.

Islington-City Centre West
Average Home Price: $1,839,536
Number of Homes Sold: 22
Average Days on Market: 8

In the community of Islington-City Centre West, 22 homes sold in March 2022, representing a decrease of 9 homes over the same month last year. The average selling price for homes rose by 4% to $1,839,536 in March 2022, from $1,768,582 a year earlier. Bungalows (12) accounted for more than half of all sales in March 2022, followed by two-storey detached homes (6). Average days on market decreased to 8 days from 13 days year-over-year.

Overall Average Condo Price: $782,138
Total Number of Condos Sold: 93
Average Days on Market: 8

The overall average selling price for condominium apartments in Islington-City Centre West increased by 25.8% to $782,138 in March 2022, from $621,727 a year earlier. From February to March of this year, the overall average selling price rose by 9% from $717,297.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased by 20.1% to $626,711 in March 2022, from $521,718 in March 2021. Average days on market decreased to 9 days from 15 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased by 25.6% to $884,111 in March 2022, from $704,023 in March 2021. Average days on market decreased to 7 days from 13 days over the same time period.

Average home prices for Islington-City Centre West for Q1 of 2022 are available here.

Long Branch
Average Home Price: $1,520,857
Number of Homes Sold: 7
Average Days on Market: 7

In the community of Long Branch, 7 homes sold in March 2022, representing a decrease of 3 homes from the same month last year. The average selling price for homes rose by 4.3% to $1,520,857 in March 2022, from $1,458,450 a year earlier. Three-storey townhomes (4) and bungalows (3) accounted for all sales in March 2022. Average days on market decreased to 7 days from 9 days year-over-year.

Average home prices for Long Branch for Q1 of 2022 are available here.

Mimico
Average Home Price: $1,607,500
Number of Homes Sold: 22
Average Days on Market: 9

In the community of Mimico, 22 homes sold in March 2022, representing a decrease of 5 homes over the same month last year. The average selling price for homes rose by 38.1% to $1,607,500 in March 2022, from $1,163,841 a year earlier. Two-storey detached homes (12) accounted for more than half of all sales in March 2022. Average days on market increased to 9 days from 6 days year-over-year.

Overall Average Condo Price: $871,828
Total Number of Condos Sold: 115
Average Days on Market: 14

The overall average selling price for condominium apartments in Mimico increased by 12.1% to $871,828 in March 2022, from $777,428 a year earlier. From February to March of this year, the overall average selling price fell by 1.4% from $883,956.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 16% to $678,506 in March 2022, from $585,115 in March 2021. Average days on market increased to 9 days from 7 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 19.6% to $997,196 in March 2022, from $833,848 in March 2021. Average days on market increased to 21 days from 13 days over the same time period.

Average home prices for Mimico for Q1 of 2022 are available here.

New Toronto
Average Home Price: $1,850,481
Number of Homes Sold: 6
Average Days on Market: 36

In the community of New Toronto, 6 homes sold in March 2022, representing a decrease of 4 homes over the same month last year. The average selling price for homes rose by 36.3% to $1,850,481 in March 2022, from $1,357,790 a year earlier. This significant percentage change may be attributed to sales of higher end homes in March 2022. Two-storey detached homes (2) and bungalows (2) accounted for two-thirds of all sales. Average days on market increased to 36 days from 9 days year-over-year.

Average home prices for New Toronto for Q1 of 2022 are available here.

Stonegate-Queensway
Average Home Price: $1,946,617
Number of Homes Sold: 30
Average Days on Market: 5

In the community of Stonegate-Queensway, 30 homes sold in March 2022, representing a decrease of 1 home over the same month last year. The average selling price for homes rose by 15.1% to $1,946,617 in March 2022, from $1,691,056 a year earlier. Bungalows (12) and two-storey detached homes (7) accounted for nearly two-thirds of all sales in March 2022. Average days on market decreased to 5 days from 10 days year-over-year.

Average home prices for Stonegate-Queensway for Q1 of 2022 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.