Yesterday the Toronto Regional Real Estate Board (TRREB) released their January 2021 Market Watch report. The report shows that real estate in Toronto and the GTA is off to a strong start. Home sales and selling price were both up over January 2020.
The key findings from the report are:
- January 2021 home sales amounted to 6,928. Up by more than 50 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.
- New listings were also up on a year-over-year basis in January. However, not by the same annual rate as sales. This means market conditions tightened compared to January 2020. This resulted in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
- The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.
- Price growth was driven 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 outlook for the real estate market is also fairly healthy. TRREB is predicting a record average selling price of over $1 million.
If you would like more information or have any questions about this report, please feel free to contact me, I’m always happy to help! If you would like to see the full report, click here.