October 2021 Real Estate Market Update
Near record home sales combined with low inventory continue to sustain strong price growth across all major home types.
The Toronto Regional Real Estate Board (TRREB) reported 9,783 home sales in the Greater Toronto Area (GTA) — the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third year-over-year. October was the fourth month in a row of declines of 30% or more in new listings being added to the market, resulting in a year-over-year drop of just over 55% in active listings.
Market conditions tightened across all major home types compared to last October, and the annual rate of average price growth remained in the double digits, including for the resurgent condo market, which has climbed back from last year’s brief pandemic-induced softening. The average selling price for all homes combined rose by 19.3% year-over-year to $1,155,345.
The lowrise market continued to drive price growth in October. The detached market segment led the way, with prices up 27.7% year-over-year in the GTA. The suburbs saw the greatest growth at 29.7%. The 416-area saw price appreciation of 21.2%. Still, detached home prices are highest in Toronto-proper, where the average was $1,784,979 in October, compared to $1,459,803 in the 905-region.
The tale of the condo market is similar, albeit annual price growth hasn’t been as strong as the detached segment. The 905-region witnessed the greatest increase, with prices up 17% year-over-year in comparison to Toronto-proper at 10.6%. Even so, the average price of a condo in the 416-area is fetching nearly $106,000 more than in the 905.
The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue.
Months of inventory at the end of October was under 1 month, indicating a very strong seller’s market. Average listing days on market was 13 days.
The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply since demand isn’t going away, says TRREB. The federal government has stated that collaboration with provinces and municipalities is required to take on this persistent issue. TRREB says this collaboration could be spearheaded, at least in part, with housing-related incentives tied to federal infrastructure investment.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in October. 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: $1,429,400
Number of Homes Sold: 10
Average Days on Market: 21
In the community of Alderwood, 10 homes sold in October 2021, representing a decrease of 8 homes over the same month last year. The average selling price for homes rose by 12.2% to $1,429,400 in October 2021, from $1,273,778 in October 2020. Sales were fairly evenly split between a variety of home types in October 2021. Average days on market increased to 21 days from 14 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: $1,667,432
Number of Homes Sold: 28
Average Days on Market: 16
In the community of Islington-City Centre West, 28 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 13.2% to $1,667,432 in October 2021, from $1,472,615 in October 2020. Bungalows (13) accounted for almost half of all sales in October 2021, followed by two-storey detached homes (8). Average days on market increased to 16 days from 15 days year-over-year.
Overall Average Condo Price: $631,396
Total Number of Condos Sold: 59
Average Days on Market: 16
The overall average selling price for condominium apartments in Islington-City Centre West increased by 13.3% to $631,396 in October 2021, from $557,392 a year earlier. From September to October of this year, the overall average selling price dipped by 0.8% from $636,574.
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 8% to $519,679 in October 2021, from $481,000 in October 2020. Average days on market increased to 23 days from 17 days year-over-year.
The average selling price for two-bedroom, two-bathroom condominiums apartment in Islington-City Centre West rose by 16% to $733,269 in October 2021, from $632,145 in October 2020. Average days on market decreased to 12 days from 19 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: $1,431,385
Number of Homes Sold: 13
Average Days on Market: 9
In the community of Long Branch, 13 homes sold in October 2021, representing an increase of 2 homes from the same month last year. The average selling price for homes rose by 15.2% to $1,431,385 in October 2021, from $1,242,636 in October 2020. Two-storey detached homes (6) and bungalows (5) combined accounted for almost all sales in October 2021. Average days on market remained the same year-over-year at 9 days.
Average prices for various home types in Long Branch for Q3 2021 are available here.
Mimico
Average Home Price: $1,395,478
Number of Homes Sold: 23
Average Days on Market: 12
In the community of Mimico, 23 homes sold in October 2021, representing no change from the same month last year. The average selling price for homes rose by 31.1% to $1,395,478 in October 2021, from $1,064,631 in October 2020. This significant percentage change may be attributed to more sales of higher end homes, particularly multiplexes, in October 2021. Average days on market increased to 12 days from 9 days year-over-year.
Overall Average Condo Price: $742,305
Total Number of Condos Sold: 90
Average Days on Market: 22
The overall average selling price for condominium apartments in Mimico rose by 12.4% to $742,305 in October 2021, from $660,428 in October 2020. From September to October of this year, the overall average selling price decreased by 4.2% from $774,457.
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 14.6% to $575,010 in October 2021, from $501,800 in October 2020. Average days on market decreased to 17 days from 34 days year-over-year.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 23.7% to $834,580 in October 2021, from $674,556 in October 2020. Average days on market increased to 21 days from 19 days year-over-year.
Average prices for various home types in Mimico for Q3 2021 are available here.
New Toronto
Average Home Price: $1,277,980
Number of Homes Sold: 14
Average Days on Market: 10
In the community of New Toronto, 14 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 23% to $1,277,980 in October 2021, from $1,038,810 in October 2020. Two-storey detached homes (5) and bungalows (4) combined accounted for nearly two-thirds of all sales in October 2021. Average days on market decreased to 10 days from 13 days year-over-year.
Average prices for various home types in New Toronto for Q3 2021 are available here.
Stonegate-Queensway
Average Home Price: $1,884,295
Number of Homes Sold: 20
Average Days on Market: 11
In the community of Stonegate-Queensway, 20 homes sold in October 2021, representing a decrease of 5 homes over the same month last year. The average selling price for homes rose by 23.8% to $1,884,295 in October 2021, from $1,522,581 in October 2020. Bungalows (11) accounted for more than half of all sales in October 2021, followed by two-storey detached homes (6). Average days on market decreased at 11 days from 17 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.
