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The average price of homes in Toronto rose to over 1 million dollars while the sales increased by 52.5% compared the previous year. The tight demand-supply situation is one of the primary reasons behind these consistent increases. The current inventory is still at its lowest record, while more and more buyers are wanting to ride the golden opportunity of getting into the market at low interest rates. It is likely that prices will continue to increase in the coming months unless demand cools down due to homes being too unaffordable and work setup returning back to the office.
"It's clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties", said TRREB president Lisa Patel, in a release. Let us take a look now at the numbers presented by TRREB in their latest February 2021 statistical update for GTA.
Source: TRREB March 3, 2021
Year-over-year Total Residential Transactions
February 2020 - 7,193
February 2021 -10,970
There is a great increase of 52.5% in sales compared to last year. The same increase was recorded in February 2021 sales result over January 2021.
January 2021 - 11,719
February 2021- 13,582
There is a significant increase of 15.9% in sales compared the previous month.
The number of home sales in February 2021 increased by a high record of 52.5% on a year-over-year basis, and an increase of 15.9% from last month.
The average selling price of homes continues to rise steadily.
February 2020 - $ 910,142
February 2021 - $ 1,045,488
There is a 14.9% increase in selling price compared to last year.
The same increasing trend goes for the average selling price compared to the previous month.
January 2021 - $ 1,009,571
February 2021 - $ 1,032,608
There is an increase of 2.3% in selling price compared the previous month.
Total New Listings added to the Market
February 2020 - 10,618
February 2021 - 15,137
The number of new listings leaped to 42.6% increase in a year-over-year basis.
The February 2021 % Sales-to-New Listings Ratio of 72% increased by 3% compared to 69% of February last year.;
Condominium Sales Statistics
Year-over-year Total Condo Apartment Sales
Q4/19 - 5,358
There is an increase of 20.7% in condo sales compared the previous year. Additionally, the average selling price for condos is still growing steadily
Q4/19 - $ 616,771
Q4/20- $ 610,044
There is a decrease of 1.1% compared the previous year.
Here is the summary of the listings of condominiums
Year-over-year Total New Listings
Q4/19 - 6,407
There is a massive increase of 91.9% compared the previous year.
From February 14 to March 14, there are a total of 840 sales in townhouses, an increase of 49% compared to last year. There are 758 new listings, up by 42% from last year. For the average selling price, a 1 Bd Townhouse can cost up to $682,000 which is 4% higher compared to the same month of last year. On the other hand, a 2 Bd Townhouse cost $902,000 which is an increase of 8% compared to the previous year.
Based on the February records, it seems like the pandemic did not dampen homebuyers' interest in purchasing a home. While new listings have increased significantly, indicating that the sellers are slowly gaining confidence in entering their property to the market.
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