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Market Update: January 2021 for Toronto and GTA.

Toronto

After the historic year, 2020 has been, 2021 is the year full of hope for the world. For the Real Estate Market it seems to continue the resilience shown in 2020. Toronto Regional Real Estate Board has released some important numbers for January 2021, this article will give you a detailed overview of the same

TRREB in its recently released outlook for 2021 Forecasts Strong Demand for Real Estate in 2021. “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.”

January home sales amounted to 6,928 – up by 52.4 per cent compared to January 2020. 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.

 

Some important numbers for the month of January 2021 are as follows:

The average selling price was up by 15.5 per cent to $967,885 year over year. The prices for different home types are – Average Fully Detached Sale Price: $1,359,915, Average Semi-Detached Sale Price: $996,794, Average Townhouse Sale Price:$803,578, Average Condo Sale Price:$600,830

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