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 Willowdale East and West residential Home Price Index (HPI) report, APRIL 2021 This report contains two sections (1) home price index for one-story detached single-family and two-story detached single-family (2) home price index for Condominium. The home price index is an important parameter to track price trends in a specific market. Brief Summary
The March 2021 Willowdale MLS® HPI value stats compare to the base year 2005 indicate: Willowdale East detached homes:
Willowdale West detached homes:
Willowdale East (Yonge and Sheppard) Condominium:
Section (1) of this report focuses on HPI values (a) one story single family and (b) two story single family homes for both Willowdale East and West.  Willowdale East, Red: 1 story detached Single Family, Blue: 2 Story detached single family The above Graph (1) shows the HPI from the base period 2005 to March 2021 for Willowdale East. The HPI value reached to its highest May 2017. You may notice the big difference between the one-story and two-story, from early one one story-house has appreciated more than the two-story homes. The HPI value quickly drops by later 2017 and early 2018. The HPI value has been increasing dramatically from the beginning of 2021 but it has not reached to all time high of 2017. One-story homes continue to appreciate to April 2021 however, two-story homes do NOT show any appreciation from March to April 2021. Hence the value gap increase even further between one-story and two-story homes.  Willowdale East, Red: 1 story detached Single Family, Blue: 2 Story detached single family The above Graph (1a) is identical to Graph 1 except only 2016 to 2021 is shown. One-story homes:
Two-story homes:
You notice the sharp increase in HPI value starting 2021, and the one-story detached home also maintains even bigger price gap over 100% compare to the two-story detached. One-story homes show appreciation from March to April 2021, but two story-homes show very small reduction in value.  Willowdale West, Red: 1 story detached Single Family, Blue: 2 Story detached single family The above Graph (2) shows the HPI from the base period 2005 to March 2021for Willowdale West. The HPI value is the highest for May 2017. The HPI value quickly drops by later 2017 and early 2018. The value has been increasing dramatically from the beginning of 2021 but has not reached the high value of 2017. The rate of increase for one-story and two-story has been similar - different trend than Willowdale East. However, starting 2020, the one-story single-family homes show a faster rate of the price increase.  Willowdale West, Red: 1 story detached Single Family, Blue: 2 Story detached single family The above Graph (1a) is identical to Graph 1 except only 2016 to 2021 is shown. One-story homes Willowdale West:
Two-story homes Willowdale West:
You notice the sharp increase in HPI value starting in 2021. You may see by the start of 2021, the one-story detached home price is increasing faster rate than the two-story detached. One-story homes show appreciation from March to April 2021, but two story-homes show very small reduction in value. The higher demand and higher price for one-story homes are likely because fewer people can afford two-story homes. Willowdale condominium HPI Section (2) of this report focuses on HPI values for condominium for Willowdale East.  Willowdale East, Red: condominium The above Graph (3) shows the HPI from the base period 2005 to March 2021 for Willowdale East condominium. The HPI value had a sharp increase in 2017. However, the HPI value drops only moderately in late 2017 and early 2018 compared to detached homes. The condominium prices keep increasing until 2020, when we see a sharp drop because of the pandemic. The condominium prices, starting 2021, begin a sharp increase to 300.7% by April 2021. The condominium prices will likely continue to increase because many people can no longer afford to purchase a single-family home.  Willowdale East, Red: condominium The above Graph (3a) is identical to Graph 3 except only 2016 to 2021 is shown. Condominium HPI value for Willowdale Ease:
You notice the sharp increase in HPI value starting in 2017 and 2019. There is drop in condominium price in early 2020, likely because of the pandemic. The condominium prices, starting in 2021, rebounded and have been increasing since, albeit in a much slower pace than detached homes. | See more market report | AuthorThe above Real Estate article was provided by David Khosravi, a leader in his field in North York, Willowdale Real Estate, Reach out to David via email: drdavidkg@gmail.com or by phone: 416.990.2424 Comments are closed.
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