NEWS

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



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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



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The record pace of home sales continued with strong growth in year-over-year sales for single family homes in the GTA. Home buyers looking to buy single family homes continued to take advantage of low borrowing costs. As market conditions tightened in many of the single-family market Segments in November, this resulted in double digit year-over-year increases in the average selling prices for detached houses, semi-detached houses and townhouses. The average selling price for all home types was $955, 615, which was up by 13.3%.


Conversely, the condominium market has been more balanced compared to previous years. Buyers continue to benefit from more choice in the condo market, particularly in the City of Toronto. The increased number of options has resulted in a slight decline in the year-over-year average selling price. However, it is anticipated that once we move into post-COVID, there will be a resumption in population growth from both immigration and return of non-permanent residents. This will then lead to an increase in demand for condominium apartments (ownership and rental markets).


TRREB MLS Sales & Average Price by Major Home Type (November 1 – 30, 2020)

We see that competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continue to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Obtaining the advice a license real estate agent is paramount to discuss strategy, goals and objectives whether buying or selling real estate. With some areas currently in Lockdown or Control levels, we continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions while staying in line with public health guidelines and Ontario Real Estate Association direction.


Please do not hesitate to contact us at any time. We are more than happy to help answer any questions.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



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REY KEYVANI
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