NEWS

Record home sales continued in March for the third straight month in 2021. This trend is a reflection of buyers taking advantage of low borrowing costs and continued improvement in some sectors of the economy. Before looking at some of the numbers, one thing to keep in mind however is that when comparing the second half of March 2021, we are comparing against the initial impact that COVID-19 had in the second half of March 2020 when sales activity significantly. In summary:

  • There were 6,504 sales reported during the first 14 days of March 2021 (up 41% compared to pre-COVID period in March 2020)

  • There were 9,148 sales reported between March 15 and March 31, 2021 (up 174% compared to COVID period in March 2020)

Given this information, it is a bleak reminder of the impact that COVID-19 had on the housing market and overall economy last year. But it is also shedding light on the sustained lack of inventory in the GTA housing market with effects on affordability.


TRREB MLS Sales & Average Price by Major Home Type (March 1 – 31, 2021)

The average selling price was at $1,097,565, which was up by 16.5% year-over-year. With growth of sales outpacing listings growth, it is likely that competition between buyers in some of the market segments could continue, resulting in the continued price growth, without a meaningful increase in the supply of homes.


With the Province placed back into shutdown, real estate practices are still deemed an essential service. We continue to follow Public Health guidelines and Ontario Real Estate Association direction as it relates to real estate transactions. In line with these directions, we continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions to maintain the health and safety of our clients and others.


We are more than happy to provide any advice and guidance in this incredibly competitive market. Please feel free to reach out to us to get a market evaluation of your home and neighbourhood to obtain an accurate estimate for your property when considering listing your home. Similarly, if in the market to purchase a home, a real estate agent can maintain a pulse on the market values in the neighbourhood being looked into. By doing so, it will increase the likelihood of attractive offers being considered by sellers and avoiding potential pitfalls.


Whether you are looking to buy or sell, please do not hesitate to contact us any time for advice, discuss strategy, goals and objectives. We would be glad to answer your questions.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



0 views0 comments

Record home sales continued in February in the Greater Toronto Area (GTA) with a 52.5% increase in sales when compared to February 2020. Buyers continue to take advantage of low borrowing costs while competing for many available listings. The demand for housing has carried from the second half of last year into the first quarter of this year. It is also evident that supply is not keeping up with demand.


The average selling price was up by 14.9% to $1,045,488 year-over-year, which was primarily driven by price growths in the detached, semi-detached and townhouse market segments.


TRREB MLS Sales & Average Price by Major Home Type (February 1 – 28, 2021)

Without an indication of an uptick in the inventory, the current relationship between supply and demand appears to support continued double-digit average home price growth. The condominium market also saw a 64% increase in sales compared to last year. So if sales begin to outstrip the growth in new condo listings, it is also a possibility that we could start to see price increases in this market segment in the later half of the year.


As always, as licensed real estate agents, we are here to help provide advice and guidance in an incredibly competitive market. It is extremely important to get a market evaluation for your neighbourhood to obtain an accurate evaluation for your property when considering listing your home. Similarly, if in the market to purchase a home, a real estate agent can maintain a pulse on the market values in the neighbourhood being looked into. By doing so, it will increase the likelihood of attractive offers being considered by sellers.


We continue to follow Public Health guidelines and Ontario Real Estate Association direction as it relates to real estate transactions. In line with these directions, we continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions to maintain the health and safety of our clients and others.


Whether you are looking to buy or sell, please do not hesitate to contact us any time for advice, discuss strategy, goals and objectives. We are more than happy to help answer any questions.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



0 views0 comments

It was a record for December home resales and a new record in 2020 average selling price! The economic rebound of many of the sectors in the economy, extremely low borrowing costs and enhanced use of technology for virtual open houses and showings fueled and sustained the housing market recovery through the pandemic. Looking back through at 2020, the COVID-19 pandemic resulted in a drop-off in demand during the Spring, however, bounced back to record levels in the summer and fall. The average selling price in December reached a new record of almost $930,000.


Key highlights from 2020:

  • 95,151 sales were reported through TRREB’s MLS System (including results for the month of December) – up by 8.4 per cent compared to 2019.

  • The month of December reported 7,180 sales – a year-over-year increase of 64.5 per cent

  • Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.

  • The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent.

  • After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.

Although the housing market generally recovered well in 2020, there was a huge contrast between the single-family and the condominium market segments. More choice for buyers due to increased supply of condominium listings resulted in more bargaining power for purchasers and a year-over-year dip in the average selling prices of condos during the last few months of the year. Conversely, the supply of single-family homes remained constrained, resulting in strong competition between buyers and an increase in prices.


TRREB MLS Sales & Average Price by Major Home Type (December 1 – 31, 2020)

The next 12 months will be important to observe as we work through recovery. It will be important to see the impact that the resumption in immigration and re-opening of the economy will have on the market. With the province currently in Lockdown, we continue to follow Public Health guidelines and Ontario Real Estate Association direction as it relates to real estate transactions. In line with these directions, we continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions to maintain the health and safety of our clients and others.


Whether you are looking to buy or sell, please do not hesitate to contact us any time for advice, discuss strategy, goals and objectives. We are more than happy to help answer any questions.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



4 views0 comments