A STRONG START TO 2021: WHAT’S HAPPENING IN THE MARKET?

We began 2021 in another provincial lockdown – with a stay at home order in place to try and curb the spread of COVID-19. Regardless of the lockdown in place, January 2021 home sales still managed to rise more than 50 per cent to 6,928 compared to the sales we saw in January of 2020. This resilient start to 2021 included sales growth across all home types 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 January, but not by the same annual rate and sales. This data means that the market conditions have tightened compared to January 2020, which has resulted in the continuation of double-digit growth in the MLS Home Price Index and the average sale price.

The average sale price for January 2021 had increased by 15.5 per cent to $967,885 compared to the average sale price we saw last year. Price growth has primarily been driven by the low-rise housing market, while the condo apartment price had dipped in Toronto. However, if we continue to see condo sales growth outshine the condo listing growth, we will likely begin to see renewed growth in condo prices later this year.

There is no doubt that transacting in Real Estate has definitely transformed, however, it is not nearly impossible. We have had the pleasure of servicing a number of our clients during this pandemic resulting in successful and most of all SAFE transactions throughout. Severe precautions are in place, and while we keep those in the forefront, we are still here to offer our guidance and expertise to help you make the next real estate move that is right for you and find ways to take advantage of the current Toronto Real Estate Market. Contact us today for a no-obligation discussion on how we can help you throughout your real estate journey.