Happy new year!Here is a look back at the very active 2021…
A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7% from the previous 2016 high of 113,040 and up 28% compared to 2020.
Record demand last year was up against a constrained supply of listings, with new listings up by 6.2% – a lesser annual rate than sales.The result was extremely tight market conditions and an all-time high average selling price of $1,095,475 – up17.8% compared to the previous 2020 record of $929,636.
“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for groundoriented homes, but also a resurgence in the condo segment as well,” TRREB President Kevin Crigger.
We keep hearing from agents right now that it’s the lowest inventory they’ve seen in years.So calling all sellers who are waiting for the right market, now is a great time to sell!There are buyers eagerly waiting for a home like yours.
And for the buyers… it is tough out there right now, we know.This is where having an experienced realtor who can point out good opportunities quickly is the most valuable.Toronto is a growing city and immigration is picking up again, so I wouldn’t wait to get into the market thinking that it’s going to get better.Of course you can never tell the future, but it’s very unlikely that prices will drop in the near future.
One sales trend that stood out in 2021- Condos & the City of Toronto are making a comeback!
Overall sales in the “416” area code were up by a substantially greater annual rate (+36.8 per cent) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6 per cent). The marked recovery in the condominium apartment segment was a key driver of this trend.
A breakdown of the average prices by property type in the City of Toronto-
Detached $1,698,178
Semi-detached $1,342,429
Townhouse $997,208
Condo $730,792
We hope this gave you some good insight into current market conditions.Please reach out if you have any questions or are thinking about buying or selling this spring.We’re happy to chat!
Below is a look at average freehold prices & condo prices per square foot from the 4th quarter, organized by neighbourhood. I also include the average price from the 4th quarter of 2020 for comparison.
