Toronto Real Estate Market Update February 2021

2021 continues to be extremely active in the Toronto real estate market.

Multiple offers, pre-emptive offers, homes selling for noticeably more than comparable properties a year or two ago and homes that couldn’t sell in the summer/fall now selling for more money. This is not exclusive to Toronto, the bedroom communities of Port Hope, Cobourg, Bowmanville are seeing sales that they have never seen before.

February saw a 14.9% increase in average selling price to $1,045,000.

The only area that is still lagging is the condo resale market but it should be noted that residential condo builders are still “full steam ahead”. Pre-sale condo launches are being met with line ups of agents and buyers once again.

How does this compare to the crazy Spring market of 2017?

Well, we aren’t there yet. From January – May 2017 the monthly increases (year over year) ranging from 33.2% in March to 14.9% in May. But what is obviously surprising about this time is the we are in the middle of a worldwide pandemic. Yes, people are getting their vaccinations but infections and deaths are still a daily occurrence. Toronto is still in lockdown and we still have restrictive showing policies. 

What will the Spring market bring us?

The public is seeing a small light at the end of the tunnel, with interest rates remaining low, lockdown being lifted which will bring more inventory, prices will continue to rise especially in the condo market.

It is important for buyers and sellers to be informed, understand the market and ensure that they have a well thought out strategy for success whether that is to purchase or to sell.

Joseph Robert

Broker of Record
Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com