November 2021 Real Estate Market Update

Greater Toronto Area (GTA) home sales reached a new record for the month of November, as did prices.

The Toronto Regional Real Estate Board (TRREB) reported 9,017 home sales through its MLS system, 3.3% above the November 2020 result.

The average selling price for all home types combined was $1,163,323 — an increase of 21.7% over the same month last year.

Detached homes saw the greatest price increase, up 30.3%, followed by townhouses (28.1%), semi-detached homes (27.3%) and condominium apartments (18%). In all cases, the 905-area saw the greatest price growth, with gains generally 10% higher year-over-year than the 416-area. Price increases between the two regions were less pronounced in the condominium market. Toronto-proper saw them rise by 16.5% year-over-year, compared to 21.1% outside the city.

A key difference in 2021, compared to last year, is how the condo market continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way. TRREB expects the condo and townhouse segments, with lower price points on average, to remain popular as population growth picks up over the next two years.

New listings were down substantially (13.2%) compared to last year for all market segments, further highlighting the inherent supply issue across all home types in the GTA. Active listings were down nearly 56%.

Months of inventory at the end of November was less than three weeks, indicating a very strong seller’s market. Average listing days on market was 13 days, a decrease of 6 days from the same month last year.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in November. 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: $1,421,729
Number of Homes Sold: 12
Average Days on Market: 13

In the community of Alderwood, 12 homes sold in November 2021, representing a decrease of 7 homes over the same month last year. The average selling price for homes rose by 22.5% to $1,421,729 in November 2021, from $1,160,527 in November 2020. Sales were split between a variety of home types in November 2021. Average days on market decreased to 13 days from 20 days year-over-year.

Average prices for various home types in Alderwood for Q3 2021 are available here.

Islington-City Centre West
Average Home Price: $1,803,400
Number of Homes Sold: 17
Average Days on Market: 16

In the community of Islington-City Centre West, 17 homes sold in November 2021, representing a decrease of 3 homes over the same month last year. The average selling price for homes rose by 30% to $1,803,400 in November 2021, from $1,382,825 in November 2020. Bungalows (6) and two-storey detached homes (6) combined accounted for almost three-quarters of all sales in November 2021. Average days on market decreased to 16 days from 19 days year-over-year.

Overall Average Condo Price: $620,044
Total Number of Condos Sold: 62
Average Days on Market: 17

The overall average selling price for condominium apartments in Islington-City Centre West increased by 11.8% to $620,044 in November 2021, from $554,546 a year earlier. From October to November of this year, the overall average selling price dipped by 1.8% from $631,396.

The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 8.1% to $511,306 in November 2021, from $473,167 in November 2020. Average days on market decreased to 18 days from 19 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominiums apartment in Islington-City Centre West rose by 15.5% to $698,732 in November 2021, from $605,250 in November 2020. Average days on market decreased to 16 days from 25 days year-over-year.

Average prices for various home types in Islington-City Centre West for Q3 2021 are available here.

Long Branch
Average Home Price: $1,421,000
Number of Homes Sold: 10
Average Days on Market: 10

In the community of Long Branch, 10 homes sold in October 2021, representing an increase of 5 homes from the same month last year. The average selling price for homes dipped by 3.4% to $1,421,000 in November 2021, from $1,470,400 in November 2020. Sales were split between a variety of home types in November 2021. Average days on market decreased to 10 days from 15 days year-over-year.

Average prices for various home types in Long Branch for Q3 2021 are available here.

Mimico
Average Home Price: $1,472,059
Number of Homes Sold: 10
Average Days on Market: 11

In the community of Mimico, 10 homes sold in November 2021, representing a decrease of 7 homes from the same month last year. The average selling price for homes rose by 6.4% to $1,472,059 in November 2021, from $1,384,045 in November 2020. Two-storey detached homes (4) and bungalows (2) combined accounted for more than half of all sales in November 2021. Average days on market decreased to 11 days from 18 days year-over-year.

Overall Average Condo Price: $749,129
Total Number of Condos Sold: 85
Average Days on Market: 21

The overall average selling price for condominium apartments in Mimico rose by 12.4% to $749,129 in November 2021, from $654,264 in November 2020. From October to November of this year, the overall average selling price increased by 0.9% from $742,305.

The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 12.7% to $568,866 in November 2021, from $504,665 in November 2020. Average days on market increased to 23 days from 17 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 15.5% to $823,477 in November 2021, from $712,750 in November 2020. Average days on market decreased to 25 days from 31 days year-over-year.

Average prices for various home types in Mimico for Q3 2021 are available here.

New Toronto
Average Home Price: $1,590,714
Number of Homes Sold: 7
Average Days on Market: 11

In the community of New Toronto, 7 homes sold in November 2021, representing a decrease of 5 homes over the same month last year. The average selling price for homes rose by 22.3% to $1,590,714 in November 2021, from $1,300,150 in November 2020. Two-storey detached homes (6) accounted for almost all sales in November 2021. Average days on market decreased to 11 days from 22 days year-over-year.

Average prices for various home types in New Toronto for Q3 2021 are available here.

Stonegate-Queensway
Average Home Price: $1,957,020
Number of Homes Sold: 21
Average Days on Market: 12

In the community of Stonegate-Queensway, 21 homes sold in October 2021, representing an increase of 1 home over the same month last year. The average selling price for homes rose by 28.3% to $1,957,020 in November 2021, from $1,525,425 in November 2020. Two-storey detached homes (9) and bungalows (6) combined accounted for nearly three-quarters of all sales in November 2021. Average days on market increased to 12 days from 10 days year-over-year.

Average prices for various home types in Stonegate-Queensway for Q3 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.