The Toronto real estate market remains in the seller’s favour, as showcased in January 2021 market watch report by Toronto Regional Real Estate Board (TRREB). The inventory shortage, along with growing demand, caused an average selling price increase in all house types besides the condominium apartments.
The number of sales compared to the last year has spiked by over 60%, while the average price in the city of Toronto has decreased by 2%. The slight price decrease is likely caused by the shift of consumers’ demand towards suburban areas outside of the GTA.
Detached homes remain a highly competitive segment where the average price reached $1,581,400 (15.4% increase), and the number of sales has grown by 28.3%. The number of active listings reported in Jan 2021 was 758 compared to 929 reported in Jan 2020. Other categories like semi-detached homes and townhouses have also grown in selling price by 20% and 11.2%, respectively.
Condo apartments is the most attractive market for first-time homebuyers at the moment. The average price has decreased by 8% year-over-year and by 2.5% compared to the previous month. The number of sales, however, is constantly growing with an over 80% increase this year and a slight drop of 8% in the number of active listings in relation to December 2020.
Access the full TRREB January 2021 report here.