May 2021 Real Estate Market Update

Although the number of sales in May declined for the second month in a row since this year’s March peak, market conditions remained tight enough to push the average selling price to an all-time high of $1,108,453.

As has been the story of late, the 905-region saw the greatest appreciation in prices, with the annual rate of increase 41.3% for detached homes compared to 20.5% in the 416 for the same home type.

While sales have trended off since March, so have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which has resulted in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment market, too. The 9.1% average price increase in the Greater Toronto Area in May over the last same month last year could be the beginning of a shift in market focus to highrise condos again. The 905-area led the way in price gains in this segment with a 21.4% increase compared to last year. The average condo price was up 6.3% in Toronto proper over the same time period, to $716,976 from $674,028.

Months of inventory at the end of May for single-family homes was 3.7 weeks, the same as April’s absorption rate. Average listing days on market was 10 days.

In comparison, months of inventory at the end of May for condo apartments was closer to 6 weeks. Although more than ground-level homes, this number is still an indication of a strong seller’s market in this sector. Average listing days on market was 13 days.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in May. 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: $1,275,858
Number of Homes Sold: 24
Average Days on Market: 8

In the community of Alderwood, 24 homes sold in May 2021, representing an increase of 15 homes over the same month last year. The average selling price for homes rose by 16.4% to $1,275,858 in May 2021, from $1,095,868 in May 2020. Semi-detached homes (9) and bungalows (6) combined accounted for nearly two-thirds of all sales in May 2021. Average days on market decreased to 8 days from 22 days year-over-year.

Average home prices for Alderwood for Q1 2021 are available here.

Islington-City Centre West
Average Home Price: $1,711,778
Number of Homes Sold: 28
Average Days on Market: 8

In the community of Islington-City Centre West, 28 homes sold in May 2021, representing an increase of 21 homes over the same month last year. The average selling price for homes rose by 58.6% to $1,711,778 in May 2021, from $1,079,150 in May 2020. This significant percentage change may be attributed to greater inventory and/or more sales of higher end homes in May 2021. Two-storey detached homes (13) accounted for nearly half of all sales in May 2021, followed by bungalows (10). Average days on market increased to 8 days from 7 days year-over-year.

Overall Average Condo Price: $624,091
Total Number of Condos Sold: 61
Average Days on Market: 12

The overall average selling price for condominium apartments in Islington-City Centre West increased by 9.5% to $624,091 in May 2021, from $569,781 a year earlier. From April to May of this year, the overall average selling price dipped by 1% from $630,396.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 2.4% to $519,769 in May 2021, from $507,357 in May 2020. Average days on market increased to 13 days from 11 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West rose by 14.3% to $753,933 in May 2021, from $659,555 in May 2020. Average days on market decreased to 14 days from 22 days year-over-year.

Average home prices for Islington-City Centre West for Q1 2021 are available here.

Long Branch
Average Home Price: $1,391,160
Number of Homes Sold: 10
Average Days on Market: 12

In the community of Long Branch, 10 homes sold in May 2021, representing a decrease of 2 homes from the same month last year. The average selling price for homes rose by 12.6% to $1,391,160 in May 2021, from $1,235,875 in May 2020. Sales were fairly evenly split between 2-storey (3) and semi-detached (3) homes and bungalows (4). Average days on market increased to 12 days from 9 days year-over-year.

Average home prices for Long Branch for Q1 2021 are available here.

Mimico
Average Home Price: $1,555,611
Number of Homes Sold: 18
Average Days on Market: 15

In the community of Mimico, 18 homes sold in May 2021, representing an increase of 12 homes over the same month last year. The average selling price for homes rose by 45% to $1,555,611 in May 2021, from $1,073,167 in May 2020. This significant percentage change may be attributed to greater inventory and/or more sales of higher end homes in May 2021. Two and three-storey detached homes (8) accounted for half of all sales. Average days on market decreased to 15 days from 27 days year-over-year.

Overall Average Condo Price: $762,085
Total Number of Condos Sold: 118
Average Days on Market: 14

The overall average selling price for condominium apartments in Mimico rose by 16.5% to $762,085 in May 2021, from $654,114 a year earlier. From April to May of this year, the overall average selling price increased by 2.8% from $741,106.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 11.6% to $579,283 in May 2021, from $518,909 in May 2020. Average days on market decreased to 11 days from 22 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 8.5% to $814,581 in May 2021, from $750,860 in May 2020. Average days on market decreased to 18 days from 21 days year-over-year.

Average home prices for Mimico for Q1 2021 are available here.

New Toronto
Average Home Price: $1,280,393
Number of Homes Sold: 15
Average Days on Market: 11

In the community of New Toronto, 15 homes sold in May 2021, representing an increase of 12 homes over the same month last year. The average selling price for homes rose by 47.1% to $1,280,393 in May 2021, from $870,333 in May 2020. This significant percentage change may be attributed to greater inventory and/or more sales of higher end homes in May 2021. Bungalows (5) and two-storey detached homes (4) combined accounted for nearly two-thirds of all sales. Average days on market decreased to 11 days from 15 days year-over-year.

Average home prices for New Toronto for Q1 2021 are available here.

Stonegate-Queensway
Average Home Price: $1,580,384
Number of Homes Sold: 31
Average Days on Market: 7

In the community of Stonegate-Queensway, 31 homes sold in May 2021, representing an increase of 19 homes over the same month last year. The average selling price for homes rose by 22.1% to $1,580,384 in May 2021, from $1,294,167 in May 2020. Bungalows (17) accounted for more than half of all sales, followed by two-storey detached homes (7). Average days on market remained constant at 7 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.