Toronto Housing Market Report
- Average home sold prices in Toronto increased to $1,155,345 for October 2021
- Steadily increasing sales and decreasing inventory has made Toronto’s housing market even more competitive this month
- Detached home prices increased by 28% year-over-year to $1.54M
- Semi-detached home prices increased by 23% year-over-year to $1.15M
- Townhouse prices increased by 45% year-over-year to $1.09M
- Condo apartment prices increased by 13% year-over-year to $704k
Toronto Housing Market Overview
October 2021 was a busy month for Toronto’s housing market as sales activity reached close to record-breaking levels for a regular October. Sales and average home prices are both up, while listings and average days on market are both down. This means that Toronto’s housing market has become even more competitive as an increasing number of sales overshadow a steadily dwindling supply of homes for sale. This comes off the back of an usually hot September, which was the first time that there has been a positive monthly change in sales since March 2021, and it is also the first time that average sold prices have increased since May 2021.
The fall real estate season is upon the city as the Toronto housing market continues the reversal in trends seen last month. Average Toronto home prices increased to $1,155,345 for October 2021, a 1.7% increase from September 2021’s average home price of $1,136,280. One year ago, the average Toronto home price was $968,535 for October 2020. This puts the current average home price in Toronto at a 19.3% year-over-year gain for October 2021. Sales for the month numbered 9,783, up from 9,046 sales back in September 2021 for a 8.15% monthly sales volume increase. While sales are still down 7% year-over-year for October 2021, that’s far less than the -18% change in sales year-over-year for September 2021.
Toronto’s sales to new listings ratio rose from 70.6% in September to 72.7% in October, which puts the city firmly in a seller’s market. Average listing days on market fell from 14 days in September 2021 to 13 days in October 2021, which means that homes are also being sold faster on average.
Toronto’s average sold price for October 2021 was $1,155,345. Breaking it down into categories, the average price of detached homes reached $1,540,432, the average price of semi-detached homes was $1,151,770, and the average price of townhouses was $1,085,547. For townhouses, that’s a 6.8% increase in average prices compared to last month’s average price of $1,016,269. Toronto condos were the only category to see a monthly decrease in prices, with the average Toronto condo price being $703,698 for October 2021, down from $708,521 in September 2021.
The expansion of the CMHC First-Time Home Buyer Incentive will likely provide a short-term boost to condos in the Toronto region. First-time home buyers in the Toronto CMA spanning from Oakville to Oshawa, Vancouver CMA, and Victoria CMA are eligible to borrow 5% or 10% of a property's price from the Federal government for their down payment interest-free. The expansion increased the maximum household income limit from $120,000 to $150,000 and the total borrowed amount from 4x household income to 4.5x household income, which increases the home price limit from approx. $500K to more than $700K.
In addition, the CMHC has recently decreased their standards for insured mortgages. This reverses the increase from last year and drops required credit scores from 680 to 600 and increases GDS and TDS ratio limits to 39% and 44% from 35% and 42%, respectively.
However, the Office of the Superintendent of Financial Institutions (OSFI) and the Ministry of Finance have recently raised the benchmark mortgage stress test rate for both insured and uninsured borrowers from 4.79% to 5.25%, limiting affordability for marginal buyers.
Mortgage rates have risen from their 2020 lows but have remained stable for the past few months. This low interest rate environment is expected to change by the second half of 2022 when the first of potentially many rate hikes is expected. In their last meeting on July 14th, the Bank of Canada maintained their near-zero target overnight rate but decreased their bond buying program from $3 billion to $2 billion a week. Higher bond yields could raise mortgage rates and lead to decreased affordability in Toronto.
Home Prices in Toronto
Single-Family Detached Home Prices in Toronto
| Statistics for October 2021 | ||
| Average Price: | $1,540,432 | 27.9% from Oct. 2020 |
| Units Sold: | 4,279 | -18.7% from Oct. 2020 |
| New Listings: | 5,075 | -31.8% from Oct. 2020 |
Semi-Detached Home Prices in Toronto
| Statistics for October 2021 | ||
| Average Price: | $1,151,770 | 23.1% from Oct. 2020 |
| Units Sold: | 878 | -18.0% from Oct. 2020 |
| New Listings: | 941 | -32.6% from Oct. 2020 |
Townhouse Prices in Toronto
| Statistics for October 2021 | ||
| Average Price: | $1,085,547 | 45.1% from Oct. 2020 |
| Units Sold: | 832 | -54.8% from Oct. 2020 |
| New Listings: | 855 | -33.7% from Oct. 2020 |
Condo Prices in Toronto
| Statistics for October 2021 | ||
| Average Price: | $703,698 | 13.1% from Oct. 2020 |
| Units Sold: | 2,899 | 28.3% from Oct. 2020 |
| New Listings: | 3,868 | |
Toronto Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Free Home Value Estimator
Condo Apt.
Condo Townhouse
Detached House
Semi-DetachedHousing Markets Across Canada
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
Region | Average Sold Price | 1-Year Change | Total Transactions | |
|---|---|---|---|---|
| #1 | Halton Region | $1,305,714 | 23.5% | 850 |
| #2 | Burlington | $1,148,285 | 25.2% | 238 |
| #3 | Halton Hills | $1,293,346 | 38.2% | 105 |
| #4 | Milton | $1,168,148 | 27.4% | 192 |
| #5 | Oakville | $1,512,634 | 15.2% | 315 |
| #6 | Peel Region | $1,065,595 | 18.7% | 1,920 |
| #7 | Brampton | $1,085,417 | 25.4% | 863 |
| #8 | Caledon | $1,560,460 | 26.3% | 98 |
| #9 | Mississauga | $997,187 | 13.5% | 959 |
| #10 | York Region | $1,376,939 | 24.4% | 1,834 |
| #11 | Aurora | $1,415,299 | 34.5% | 112 |
| #12 | East Gwillimbury | $1,353,625 | 35.7% | 62 |
| #13 | Georgina | $940,312 | 35.2% | 92 |
| #14 | King | $2,143,825 | 10.2% | 44 |
| #15 | Markham | $1,394,180 | 29.8% | 480 |
| #16 | Newmarket | $1,194,896 | 30.6% | 158 |
| #17 | Richmond Hill | $1,469,550 | 25.2% | 349 |
| #18 | Vaughan | $1,361,443 | 12.3% | 452 |
| #19 | Whitchurch-Stouffville | $1,362,174 | 23.9% | 85 |
| #20 | Durham Region | $988,354 | 33.5% | 1,047 |
| #21 | Ajax | $1,055,495 | 35.7% | 142 |
| #22 | Brock | $794,221 | 23.6% | 24 |
| #23 | Clarington | $960,923 | 38.7% | 170 |
| #24 | Oshawa | $850,219 | 35.9% | 317 |
| #25 | Pickering | $1,079,470 | 32.4% | 139 |
| #26 | Scugog | $996,166 | 15.5% | 32 |
| #27 | Uxbridge | $1,450,760 | 29.9% | 32 |
| #28 | Whitby | $1,071,417 | 32.9% | 191 |
| #29 | Dufferin County | $843,894 | 29.1% | 52 |
| #30 | Orangeville | $843,894 | 29.1% | 52 |
| #31 | Simcoe County | $994,122 | 30.7% | 286 |
| #32 | Adjala-Tosorontio | $936,615 | -9.9% | 13 |
| #33 | Bradford West Gwillimbury | $1,140,963 | 31.1% | 58 |
| #34 | Essa | $955,855 | 52.7% | 49 |
| #35 | Innisfil | $945,652 | 30.4% | 98 |
| #36 | New Tecumseth | $977,297 | 32.5% | 68 |
| #37 | Swansea-Roncesvalles-Parkdale | $1,380,061 | 12.6% | 50 |
| #38 | Junction-Triangle-Wallace Emerson-Bloor West Village-High Park North | $1,338,826 | 14.0% | 92 |
| #39 | Rockcliffe-Smythe-Corso Italia-Davenport-Keesdale-Eglington West | $1,016,414 | 13.7% | 64 |
| #40 | Yorkdale-Glen Park-Weston-Briar Hill-Belgravia | $914,008 | 5.0% | 103 |
| #41 | Blackcreek-York University | $899,310 | 33.3% | 130 |
| #42 | Etobicoke-Lakeshore | $944,916 | 8.6% | 171 |
| #43 | Stonegate-Queensway | $1,666,033 | 12.0% | 24 |
| #44 | Etobicoke Centre | $1,171,386 | 4.9% | 192 |
| #45 | Kingsview Village-Richview-Humber Heights-Westmount | $1,137,065 | 23.9% | 49 |
| #46 | Etobicoke North | $769,664 | 7.6% | 88 |
| #47 | Bay Street Corridor-Little Italy-Trinity-Bellwoods-Little Portugal-Dufferin Grove | $928,420 | 10.0% | 550 |
| #48 | Annex-Wychwood-Casa Loma-Deerpark-Davenport-Yorkville | $1,624,199 | -1.9% | 127 |
| #49 | Yonge-Eglinton-Forest Hill | $1,565,522 | -7.0% | 64 |
| #50 | Englemount-Bedford Park-Lawrence Park | $2,318,513 | 11.4% | 96 |
| #51 | Bathurst Manor-Clanton Park | $921,909 | -20.5% | 42 |
| #52 | Westminster-Branson-Newtonbrook-Lansing-Willowdale | $1,157,233 | -2.8% | 138 |
| #53 | St. James Town-Cabbagetown-Regent Park-Moss Park | $842,181 | 11.4% | 263 |
| #54 | Rosedale-Moore Park | $2,482,063 | 6.0% | 41 |
| #55 | Mount Pleasant | $877,258 | -21.9% | 82 |
| #56 | Leaside-Thorncliffe Park-Flemingdon Park | $976,579 | -10.6% | 58 |
| #57 | Bridle Path-York Mills-St. Andrew-Windfields | $3,974,162 | 49.7% | 37 |
| #58 | Don Mills-Victoria Village-Parkwoods | $1,343,424 | 23.5% | 77 |
| #59 | Newtonbrook East-Willowdale East | $1,075,305 | 13.5% | 159 |
| #60 | Pleasant View-Don Valley Village-Hillcrest Vilage | $892,612 | 10.9% | 174 |
| #61 | Riverdale | $1,246,805 | 2.8% | 108 |
| #62 | The Beaches | $1,312,196 | -2.2% | 67 |
| #63 | Danforth | $1,262,144 | 20.8% | 105 |
| #64 | Clairlea-Birchmount-Dorset Park-Kennedy Park-Ionview | $930,269 | 25.7% | 102 |
| #65 | Steeles-L'amoreaux-Tam-O'Shanter-Sullivan | $967,894 | 22.1% | 96 |
| #66 | Oakridge-Birchcliffe-Cliffside | $1,224,577 | 35.6% | 37 |
| #67 | Agincourt-Miliken | $908,437 | 19.2% | 104 |
| #68 | Scarborough Village-Cliffcrest-Guildwood | $1,181,872 | 47.3% | 70 |
| #69 | Bendale-Woburn-Morningside | $833,827 | 18.5% | 108 |
| #70 | West Hill-Highland Creek-Centennial | $1,132,440 | 23.8% | 57 |
| #71 | Rouge-Malvern | $778,284 | 9.1% | 69 |
Toronto Housing Market History from 1954 to 2021
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.