Record sales continued for Toronto Real Estate into the second month of 2021 driven by buyers confident in their employment situations and ultra-low borrowing costs. The ‘416’ saw double digit growth in key market indicators vs 2020 including sales up +52%, new listings up +34% and active listing up +24%, vs. February 2020. To note, the semi-detached and condominium segment saw the highest sales growth [vs. February 2020] with sales up +64% and 62%, respectively.
Tight supply in single-family segment fuel robust growth rates in the ‘416’ area code with increases in average selling prices for detached houses [+13%], semi-detached houses [+10%] and townhouses[+8%] vs. February 2020. A continuation of supply not keeping up with demand could fuel even further price growth once population growth picks up post vaccinations.
While growth in condo listings continued to outstrip growth in sales – the margin narrowed in February vs. the prior month. This increased choice for condo buyers has led to more bargaining power and a year-over-year dip in average condo selling prices compared to February 2020 in the ‘416’ [-6%]. If the narrowing trend continues, renewed price growth in this segment is a distinct possibility in the 2nd of the year.
Looking to buy or sell a home in Toronto? Average prices in February were as follows:
➕ Detached $1,684,073
➕ Semi-detached $1,324,244
➕ Townhouse $913,037
➕ Condo $676,837