Home price index (HPI) March 2021, Willowdale Toronto

Willowdale East and West residential Home Price Index (HPI) report, MARCH 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 source of data provided in this article is from Multiple Listing Service (MLS®)
• The data presented here as a The Base Year (also referred to as Base Period) of 2005

The March 2021 Willowdale MLS® HPI value stats compare to the base year 2005 indicate:

• Willowdale East ONE story detached home: HPI value 380.8
• Willowdale East TWO story detached home: HPI value 274.4
• Willowdale West ONE story detached home: HPI value 391.3
• Willowdale West TWO story detached home: HPI value 367.7
• Willowdale East Condominium: HPI value 291.7

​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 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. Interestingly, the HPI value cap between one story and second story - one story prices has increased almost 100% more than the two stories.   

Willowdale East,​ Red: 1 story detached Single Family, Blue: 2 Story detached single family

The above Graph (1a) represents the blow-up of Graph 1. You notice the sharp increase in HPI value starting 2021, and the one-story detached home also maintains a 100 point lead compare to the two stories detached 

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 -a very different trend than Willowdale East. However, starting 2020, the one-story single-family homes show a faster rate of the price increase.​​

Willowdale East, Red: 1 story detached Single Family, Blue: 2 Story detached single family

The above Graph (2a) represents a blow-up of Graph 2. 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 than the two-story detached. 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 291.4. 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) represents a blow-up of Graph 3. You notice the sharp increase in HPI value starting in 2017 and 2019. Likely because of the pandemic, condominium prices had a drop in early 2020. The condominium prices, starting in 2021, rebounded and have been increasing since.​

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Author

The 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
Are you thinking of selling your home? I will be glad to share my marketing strategies with you.