Real Estate Market Watch February 21

The  GTA real estate market  outlook is lively with strong buyers' demand, a near-record sales forecast of more than 100,000, and a record average selling price over $1 million. Even with covid-19 be  a huge factor that has affected global economy, the Toronto real estate market continued to thrive. With the economy likely to reopen, market condition is certainly set to look up. 

Some of the important stats as reported by TREB during the past month include:
 

• In the past month home sales totalled up to 6,928 – up by more than 50 per cent compared to a year ago. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
• New listings were also up on a year-over-year basis in  but not by the same annual rate as sales. This means market conditions tightened compared to last year, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average home selling price. In addition, market conditions for low-rise homes, including detached houses, will remain very tight, with sales rising at a faster pace than listings.
• The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. Price growth was fuelled by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.

“The pandemic certainly resulted in an unprecedented year for real estate in 2020, but it hasn’t put a damper on the overall demand,” said Jason Mercer, TRREB Chief Market Analyst. “Looking ahead, a strengthening economy and renewed GTA population growth following widespread vaccinations will support the continued demand for both ownership and rental housing. But over the long run, the supply of listings will remain an issue, particularly in low-rise segments.”

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