Real Estate Monthly Market Update – January’2021

Profitable february! Finally lockdown in toronto will be lifted very soon and being in a healthy market that favours both buyer and seller is great.

Sometimes small signs that we fail to notice would make us miss the brightest opportunity, particularly transactions, as we all know 2020 was a really unexpected year when it came to real-estate, last year every month after covid the number of transactions kept going up and the price of property kept increasing. Comparing Jan 2020 to jan 2021, the price is up by 52 per cent.

Highlights from 2021 include: 

January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.

Year-Over Year Summary-

Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly in a high rise market.

New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.

Sales Activity and Average Price-

The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.

Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.

As Usual detached home sales topped with the total sales activity of 2,766 but compared to Dec 2020 it was 3,088 decrease, percentage difference of 10% is noted. 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 2,471.

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.