January 2021 Market Review
January 2021 Review
In January 2021, home sales were up by more than 50% across all major segments including condominium apartments. The results for the GTA as reported by the Toronto Regional Real Estate Board (TRREB) showed a 52.4% increase in number of sold properties relative to January 2020.
Increasing Sale Prices
On TRREB the average sale price for all home types for the month of January 2021 was higher by 15.5% when compared to January 2020.
What trends are we seeing?
The outlook for the 2021 real estate market continues to be healthy with strong buying intentions amongst consumers. As demand for home ownership remains high, the supply of inventory may continue to be tight i.e. In January 2021, the active listings were 4.8% vs. January 2020.
What lies ahead for 2021?
All sectors of the market continue to point to a strong real estate market as interest rates remain low, the economy starts to recover and COVID 19 restrictions are decreased.
We are also seeing renewed activity in the upper end real estate market.
Footnote: Source of statistical data is from the January 2021 Market Watch report of the Toronto Region Real Estate Board (TRREB) MLS.
Monthly Percentage Change in Number of Units Sold –January 2021 – Illustration A
Month-Over-Month Average Price Percentage Change – January 2021 – Illustration B
Seasonally Adjusted Month-Over-Month Average Price Percentage Change – January 2021 – Illustration C
Monthly Percentage Change in Average Sale Price – January 2021 – Illustration D