Toronto Home Sales Soar by 52.4% in January Following Increased Activity in Condo Market

The largest housing market in Canada appears to be off to a strong start in 2021, as home sales in the Greater Toronto Area (GTA) soared by 52.4% in January, largely due to a resurgence in interest in the condo market.

According to latest data published by the Toronto Regional Real Estate Board (TRREB), a total of 6,928 homes in the GTA traded owners in January, causing the average selling price to surge by 15.5% to $967,885. Although the condo market benefited from an increase of 85.5% in sales activity compared to year-ago levels, the segment still continues to suffer from some level of price weakness. The month of January saw the average selling price for a condo fall by 4.7%; however, TRREB did note that the sales growth in the category has been exceeding listings growth, suggesting that a price rebound could occur if conditions continue.

In comparison, the demand for detached homes does not appear to be slowing down in the new year, as sales volumes jumped by 34.4%, and average selling prices increased by 31.2% on a year-over-year basis in January. The market for detached homes has proven to be significantly resilient throughout the pandemic, as Canadians in heavily-populated urban region relocated to more spacious housing in nearby suburban and rural locations.

Despite 2020 being a rough year for Canada’s economy, TRREB anticipates that the momentum in the GTA real estate market will continue onward for the foreseeable future. According to TRREB Chief Market Analyst Jason Mercer, Canada’s economic revival following mass vaccinations, coupled with positive demographic trends will likely cause prices to continue increasing.


Information for this briefing was found via TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Related News

Canada Addresses Real Estate Crisis By… Banning Foreign Ownership?

The Canada Mortgage and Housing Corporation has issued regulations regarding the restriction on foreign homebuyers...

Thursday, December 22, 2022, 10:31:07 AM

Toronto Housing Market Slumps From Record Highs in July

Canada’s largest housing market is beginning to show signs of cooling off, as sales levels...

Friday, August 6, 2021, 11:19:00 AM

US Mortgage Demand Drops 8.1% In A Week: “Biggest Decline In Almost A Year”

It seems rising mortgage rates are starting to take a toll on demand. Mortgage applications...

Wednesday, February 9, 2022, 11:22:00 AM

Has There Been A Fundamental Shift In US Real Estate? – The Daily Dive

Finishing off the Daily Dive for this week is first time guest Jeffrey Christian, Managing...

Friday, May 6, 2022, 01:30:00 PM

Canadian Home Sales Soared to Record Levels in December

Canada’s housing market finished off a record-breaking 2020 on a strong note, as potential homebuyers...

Friday, January 15, 2021, 05:02:00 PM