Housing Market February 2021. Winter 2021 Toronto Real Estate Market Statistics 🏡
Monday Mar 01st, 2021
00:23 - average price increase for all property types combined in the GTA
00:36 - housing sector that saw the highest increase in value
00:51 - housing sector that saw the lowest increase in value
1:06 - average price for a fully detached home
1:15 - average price for a semi-detached home
1:23 - average price for a townhouse
1:31 - average price for a condo
1:40 - volume of sales January 2020 vs January 2021
1:57 - final thoughts
1:59 - advice for purchasers who are buying a property
3:17 - advice for homeowners who are selling a property
3:49 - topic for next upcoming video: should a homeowner accept a preemptive bully offer or should they wait a week and hold off on offers
Hey guys, it's Karen from Toronto here.
The Toronto Real Estate Board just released the latest statistics this winter.
Let's take a look at the numbers together.
Most housing sectors saw double-digit price increases over the past year alone. This remarkable price growth is due to a strong demand for housing combined with the low inventory on the market.
The average property price has gone up by +15.5% from $838,087 to $967,885.
The housing sector that saw the highest price increases were detached homes in the suburbs with a +36.6% increase in prices between January 2020 to January 2021.
Now to put things into perspective, let's look at the average price of a home.
For a fully detached home in Toronto, the average price is $1,581,400.
A semi-detached home comes in at an average price of $1,204,857.
While a townhouse in Toronto comes in at an average price of $814,396.
Now for the condo market, the average Toronto condo is $624,886.
In terms of the volume of sales, January saw a huge +52.4% increase in the number of properties sold compared to the same time last year in January 2020. And with fewer active listings this time around, the market is tightening even further.
Here are some final thoughts.
If you're looking to purchase a home in the suburbs, we are in a challenging seller's market. As a purchaser, it's completely normal to be one of ten offers. And in a market where multiple offers are the norm, the winning bids are almost always firm offers. However, there are risks associated with waiving conditions in an offer. So you'll want to discuss with your real estate agent and your mortgage broker what the associated risks are when submitting a firm offer.
Also, I know it can be discouraging for purchasers out there who keep competing in multiple offers. If you find that you're feeling a bit discouraged and the winning offers are considerably higher than the offers you're submitting, your best bet is to either make some compromises on what you're looking for or, explore other neighbourhoods and cities to open up more options.
Now for those of us who are in a cash position, if you can hold onto an investment for 4 to 5 years or longer, now is a great opportunity to expand your real estate portfolio with a Toronto condo. Historically, appreciation is usually around +5.0% each year for condos. And a lot of people tend to forget that when prices are down, they're not down forever. And the best time to purchase is always the rare chance when prices are down.
On the other hand, if you're thinking of selling a property keep in mind that these average statistics released by the Toronto Real Estate Board are just one indicator of how the real estate market is doing overall.
If you're curious to know the estimated value for your property, feel free to reach out to our team.
Now and speaking of selling a property, in an upcoming video, I'll answer a common question in a hot seller's market and that's whether a homeowner should accept a preemptive offer or if they should wait a week for offers to be accepted. If you don't want to miss out on the video, go ahead and click that "Like" and "Subscribe" button now.
In the meantime, if you have any real estate questions or needs, give us a call.