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Toronto Home Prices Continue to Soar in February

Thursday, March 18, 2021   /   by Sushma Khinvasara

Toronto Home Prices Continue to Soar in February

Image credit to the owner

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

Residential Statistics

Year-over-year Total Residential Transactions
February 2020 - 7,193
February 2021 -10,970
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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
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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
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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
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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
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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
Q4/20- 6,469
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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
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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
Q4/20- 12,298
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There is a massive increase of 91.9% compared the previous year.

Townhouse Sales

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.

If you have any question about Toronto housing market or need help buying your new home, contact me at 647-834-9928 or send an email to sukhinvasara@gmail.com

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Century 21 Green Realty Inc. | Sushma Home Selling Team
Sushma Khinvasara, Sales Representative
6980 Maritz Dr, Unit 8
Mississauga, ON L5W 1Z3
647-834-9928

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated October 24, 2021
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