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Toronto Home Prices sets a new high at $1M for January sales

Wednesday, February 17, 2021   /   by Sushma Khinvasara

Toronto Home Prices sets a new high at $1M for January sales

Image credit to the owner


Toronto, one of Canada's largest housing market, started the year on fire as homes sales continued to soar in January. Home sales increased by 52.4%, doubled compared to previous year. These sales are mostly led by condo market activity as well as the increasing demand for detached homes. The average selling price of homes is steadily high at $1,008,947 but will likely slow down once the supply in the market becomes abundant.

Possible factors that might have contributed to this increasing trend are the low mortgage rates and the implementation of the vaccine. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the [Office of the Superintendent of Financial Institutions] stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment, said Jason Mercer, TRREB's director of market analysis, in a release.

Let us take a look now at the numbers presented by TRREB in their latest January 2021 statistical update for GTA.

Source: TRREB February 8, 2021

Residential Statistics

Year-over-year Total Residential Transactions
January 2020 - 4,546
January 2021 - 6,928
GRAPH 1.png
There is an outstanding increase of 52.4% in sales compared to last year. The same increase was recorded in January 2021 sales result over December 2020.
December 2020 - 11,281
January 2021- 11,506

GRAPH 2.png

There is an increase of 2% in sales compared the previous month.
The number of home sales in January 2021 increased by a high record of 52.4% on a year-over-year basis, and an increase of 2% from last month.

The average selling price of homes continues to rise steadily.
January 2020 - $ 838,087
January 2021 - $ 967,885

GRAPH 3.png

There is a 15.5% increase in selling price compared to last year.

The increase is significant if we compare the average selling price in the previous month.

December 2020 - $ 975,050
January 2021 – $ 1,008,947

GRAPH 4.png
There is an increase of 3.5% in selling price compared the previous month.

Total New Listings added to the Market
January 2020 - 7,848
January 2021 - 9,430

GRAPH 5.png

The number of new listings leaped to 20.2% increase in a year-over-year basis.
The January 2021 % Sales-to-New Listings Ratio of 73% increased by 15% compared to 58% of December last year.

Condominium Sales Statistics

Year-over-year Total Condo Apartment Sales
Q3/19 - 6,398
Q3/20- 7,072

CHAPTER 6.png

There is a significant increase of 10.5% in condo sales compared the previous year. Additionally, the average selling price for condos is still growing steadily
Q3/19 - $ 584,746
Q3/20- $ 633,484

GRAPH 7.png
There is an increase of 8.3% compared the previous year.

Here is the summary of the listings of condominiums
Year-over-year Total New Listings
Q3/19 - 9,542
Q3/20- 17,613

GRAPH 8.png
There is a massive increase of 84.6% compared the previous year.

Townhouse Sales

From January 17 to February 14, there are a total of 578 sales in townhouses, an increase of 58% compared to last year. There are 504 new listings, up by 92% from last year. For the average selling price, a 1 Bd Townhouse can cost up to $546,000 which is 4% higher compared to the same month of last year. On the other hand, a 2 Bd Townhouse cost $860,000 which is a decrease of 1% compared to the previous year.

As a summary, the Toronto real estate market proves ever strong as the COVID-19 did not stop it from having a great start this year. The limited supply of homes in the market resulted to a big increase in the average selling price. Still, there is a huge demand from buyers possibly because of low mortgage rates and the implementation of the vaccine.

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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