Toronto real estate started the new year strong, with the latest figures from the Toronto Regional Real Estate Board (TRREB) for January 2021 indicating that sales grew 50% year-over-year (y-o-y) across the region, with 6,928 homes changing hands. New listings grew 20% annually, with 9,430 new homes added to the market in January. As such, the housing market in the Toronto Region was fairly competitive for buyers, with a sales-to-new-listings ratio of 73%. That means, there was higher demand relative to new listings and so buyers had to compete for properties in January. These competitive conditions likely put some upward pressure on home prices; prices rose 15% y-o-y in January to $967,886.
A closer look at home types revealed that sales grew across the board: detached home sales rose 33% y-o-y, semi-detached home sales grew 44%, condo townhouses saw sales increase by more than half (59%) annually, and condo apartments saw a significant 85% jump in sales.
Comparatively, price growth was driven by low-rise, single-family homes. The average price of detached properties across the Toronto Region grew 31% y-o-y to $1,359,915, while semi-detached properties saw the average home price shift up by 26% to nearly hit the million dollar mark at $996,794. The average price for condo townhouses also rose in double-digits by 12% to $699,713. Condo apartments on the other hand saw a slight dip in the average price by 5% to $600,830, although TRREB notes that if “condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.”
Detached Average Home Prices Hit New Monthly Highs Across Every Region in January 2021
Every Toronto Region saw detached home prices hit a new monthly high in January, and three regions saw the average home price for detached properties cross the $1.5M mark. The City of Toronto topped the list with a detached home price increase of 15% y-o-y to $1,581,400.
In Halton Region, the average price increased 35% annually to $1,539,760. Within the region, Oakville clocked in the highest average home price at $1,891,326 – a 38% increase y-o-y.
In York Region, the average home price for detached properties also crossed the $1.5M mark to hit $1,534,566; a 35% increase y-o-y. Peel Region noted a 30% increase in the average home price to $1,282,558.
Despite hitting new records and seeing significant y-o-y gains, the average home price for detached properties remained under the million dollar mark in Durham Region ($988,372), Simcoe County ($905,894) and Dufferin County ($804,671), marking a 37%, 29% and 24% annual increase, respectively.
Condo Apartment Prices Soften In the City of Toronto Despite Steady Uptick in Sales
In The City of Toronto, condo apartment sales rose 86% y-o-y, with 1,703 homes changing hands. New listings grew by half (50%) with 2,158 condo apartments coming onto the market last month. However, despite a competitive environment for condos with a SNLR of 79% – which put the region squarely in seller’s market territory for condo apartments – the average price for condo apartments saw an 8% decrease to $624,886.
In Peel Region, another condo-dense market within the GTA, condo sales rose 64% while new listings jumped 33% y-o-y. Condo buyers in Peel Region faced aggressive competition, with a SNLR of 90% during January. Strong competition resulted in a slight decline in the average price for condo apartments by 1% annually to $521,580.
In York Region, condo apartment sales more than doubled – increasing 135% y-o-y. New listings increased 64% y-o-y, and as such, condo buyers in York Region also faced heavy competition for listings, with an SNLR of 82%. The average price trends in the region reflected some of the growing sales momentum, with a 2% increase in the average home price y-o-y to $584,968.
Check out the infographics below to see how sales and average prices changed by home type for TRREB and the City of Toronto in January.
Note: Comments and stats highlighting the Toronto Region as a whole are a reference to the areas covered by TRREB, which include: Durham Region, Halton Region, Peel Region, York Region, Toronto, Dufferin County and Simcoe County.
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