Real Estate Monthly Market Update – February’2021

In any market, in any country, there are people who make money. People want home and need a good yielding investment opportunity for their hard earned money and real-estate is an evergreen and a bright investment opportunity that provides the highest return, the greatest value and least risk. 

Let’s look at the recent report which was released by Toronto Real-estate board for the month of Feb 2021 and we are going to witness some drastic aggressive comebacks of condo markets in GTA and Toronto area.

Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

Highlights from 2021 include- 

GTA REALTORS reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 percent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 percent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.

Year-Over Year Summary-

Year-over-year sales growth is going stronger and profitable in the GTA regions surrounding Toronto, particularly in high rise market segments. The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021.

Sales Activity and Average Price-

Over the same period, the average selling price increased to $1,045,488 from $910,142 (Feb 2020) While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

“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.

It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.

As Usual detached home sales topped with the total sales activity of 4,943 but compared to Jan 2020 it was 2,766 increase, percentage difference of 78% should be observed. so the overall detached house property demand is still going well in GTA but look at the condo apt sales, it marked 2nd highest with the total sale of 3,116.

Area wise 

Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.