September 2021 Real Estate Market Update
Real estate activity in the Greater Toronto Area (GTA) returned to a pattern consistent with a typical busier fall market where there is an increase in sales, prices and listings after the Labour Day long weekend.
Sales increased for all property types relative to August, and the average selling price was up both month-over-month and year-over-year. In September, it was $1,136,280, an increase of just over $65,000 or 6% from August, and up by 18.3% or more than $175,000 from September 2020, when the average selling price was $960,613.
Compared to last year, market conditions tightened noticeably, with sales representing a substantially higher share of listings and a significantly lower number of new listings across the Toronto Regional Real Estate Board. Resurgence in the condo sector was a factor in the higher share of listings sold. The total number of sales dipped 18% from 2020’s record September, in large part due to the lower number of new listings, which were down one-third from the same time last year.
That being said, a year-over-year comparison for the month needs to take into consideration that September 2020 was still very much pandemic-influenced. It had the benefit of a 30% surge of new inventory over September 2019, resulting in the highest sales volume ever for that month. While September 2021 saw a significant drop of 49.4% in active listings compared to September 2020, it still managed to register as the third-highest for September sales on record.
Price growth in September continued to be driven by detached and semi-detached homes and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth in recent months as first-time buyers re-entered the ownership market — a trend that is expected to continue. The average price for a condo apartment in the GTA was up almost 12% year-over-year. The 905-region saw the greatest jump of 18% to $634,111 from $537,354. In Toronto-proper, the average price rose 8.5% to $744,730 from $686,191.
Months of inventory at the end of September was one month. This number has remained steady since May, indicating a continued strong seller’s market where prices are rising.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in September. 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: $1,290,769
Number of Homes Sold: 13
Average Days on Market: 16
In the community of Alderwood, 13 homes sold in September 2021, representing an increase of 1 home over the same month last year. The average selling price for homes rose by 16.4% to $1,290,769 in September 2021, from $1,108,893 in September 2020. Bungalows (6) accounted for almost half of all sales in September 2021, followed by semi-detached homes (4). Average days on market increased to 16 days from 8 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: $1,778,000
Number of Homes Sold: 11
Average Days on Market: 17
In the community of Islington-City Centre West, 11 homes sold in September 2021, representing a decrease of 17 homes over the same month last year. The average selling price for homes rose by 14.2% to $1,778,000 in September 2021, from $1,557,476 in September 2020. Sales were fairly evenly split between all home types. Average days on market increased to 17 days from 15 days year-over-year.
Overall Average Condo Price: $636,574
Total Number of Condos Sold: 62
Average Days on Market: 18
The overall average selling price for condominium apartments in Islington-City Centre West increased by 14% to $636,574 in September 2021, from $558,572 a year earlier. From August to September of this year, the overall average selling price rose by 3% from $617,809.
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West rose by 8.3% to $519,350 in September 2021, from $479,364 in September 2020. Average days on market decreased to 13 days from 16 days year-over-year.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West rose by 4.9% to $708,605 in September 2021, from $675,779 in September 2020. Average days on market increased to 28 days from 17 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: $1,639,700
Number of Homes Sold: 10
Average Days on Market: 18
In the community of Long Branch, 10 homes sold in September 2021, representing a decrease of 9 homes from the same month last year. The average selling price for homes rose by 29.6% to $1,639,700 in September 2021, from $1,275,387 in September 2020. This significant percentage change may be attributed to sales of larger, higher-end homes in September 2021. Sales were fairly evenly split between all home types. Average days on market decreased to 18 days from 19 days year-over-year.
Average prices for various home types in Long Branch for Q3 2021 are available here.
Mimico
Average Home Price: $1,357,611
Number of Homes Sold: 18
Average Days on Market: 8
In the community of Mimico, 18 homes sold in September 2021, representing a decrease of 1 home over the same month last year. The average selling price for homes rose by 5.6% to $1,357,611 in September 2021, from $1,285,947 in September 2020. Townhouses/rowhouses (7) accounted for almost half of all sales in September 2021, followed by two-storey detached homes (5). Average days on market decreased to 8 days from 9 days year-over-year.
Overall Average Condo Price: $774,457
Total Number of Condos Sold: 78
Average Days on Market: 18
The overall average selling price for condominium apartments in Mimico rose by 6.5% to $774,457 in September 2021, from $727,467 in September 2020. From August to September of this year, the overall average selling price increased by 3.7% from $747,075.
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico rose by 17% to $597,753 in September 2021, from $510,769 in September 2020. Average days on market decreased to 17 days from 22 days year-over-year.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico rose by 17.6% to $811,695 in September 2021, from $690,272 in September 2020. Average days on market increased to 22 days from 9 days year-over-year.
Average prices for various home types in Mimico for Q3 2021 are available here.
New Toronto
Average Home Price: $1,171,075
Number of Homes Sold: 10
Average Days on Market: 7
In the community of New Toronto, 10 homes sold in September 2021, representing a decrease of 1 home over the same month last year. The average selling price for homes dipped by 3% to $1,171,075 in September 2021, from $1,207,082 in September 2020. Bungalows (3) and two-storey detached homes (3) combined accounted for more than half of all sales. Average days on market decreased to 7 days from 15 days year-over-year.
Average prices for various home types in New Toronto for Q3 2021 are available here.
Stonegate-Queensway
Average Home Price: $1,493,663
Number of Homes Sold: 24
Average Days on Market: 14
In the community of Stonegate-Queensway, 24 homes sold in September 2021, representing a decrease of 1 home over the same month last year. The average selling price for homes rose by 6.1% to $1,493,663 in September 2021, from $1,407,684 in September 2020. Bungalows (14) accounted for more than half of all sales in September 2020. Average days on market remained constant at 14 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.
