The torrid tempo of home sales in the An increased Toronto Area continued last month, upsurging by 50% over January 2020, according to new data from the Toronto Regional Real Estate Board (TRREB).
The data dictated that all major housing segments, including condominium apartments , saw notable year-over-year increases in sales, totalling 6,928 for the month. Market conditions also tightened with new listings increasing on an annual basis, albeit not by the same annual sales rate, which pushed up the average selling price 15.5% to $967,885, driven largely by low-rise sales.
Although the mean price of a Toronto condo declined, that could very well change if condo sales continue outpacing listings, which TRREB estimates could occur sometime this year.
The 522 detached home sales in the City of Toronto last month averaged $1,581,400, while 162 semi-detached sales had a mean price of $1,204,857. The 416 area recorded 1,703 condo sales in January, which averaged $624,886.
In the 905, 2,244 detached homes changed hands in January for a mean price of $1,308,393 in the 905, while the 865 semi-detached transactions averaged $898,810. Condo sales in the 905, totalling 768, averaged $547,488.
“The pandemic certainly resulted in an unprecedented year for real estate in 2020, but it hasn’t put a damper on the overall demand,” Jason Mercer, TRREB’s chief market analyst, said in a statement. “Looking ahead, a strengthening economy and renewed GTA population growth following widespread vaccinations will support the continued require both ownership and rental rent. But over the long run, the supply out of listings will remain an issue, particularly here in low-rise segments. ”
Average price tag to eclipse $1 million in 2021
TRREB expects the housing market to be able to strong in 2021, predicting it will have 105, 000 home sales accounted through the MLS for the GTA, Southerly Simcoe County and Orangeville, supposed Canada’s economic recovery continues. Fine-tune factors should conspire to bring usual home type in all regions gone over to $1, 025, 000, the actual 10% increase from 2020.
Quoting Terms and conditions Professionals Canada, TRREB says there will probably not be a spike in prices delinquencies this year, and that most homeowners in which took advantage of mortgage deferrals young in the pandemic did so out of assurance rather than necessity.