January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.
Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.
Residential Stats
While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year.
– Jason Mercer, Director, Market Analysis, TREB
Commercial Stats
Condominium Stats
The condominium apartment market experienced a dip in sales and new listings in the second quarter of 2020, as many potential buyers moved to the sidelines as a result of public health measures taken to combat COVID-19 and the resulting economic downturn. With the overall housing market trending toward recovery in June, condo apartment sales will likely improve in the third quarter.
– Michael Collins, TREB President
Tighter market conditions in the GTA condo market translated into increased competition between buyers and an accelerated pace of price growth. TREB continues to urge policy makers to develop strategies to bring more ownership and rental supply online, so that balanced market conditions and a moderate pace of price growth can be sustained over the long term.
– Jason Mercer, Director, Market Analysis, TREB
Condominium Rental Stats
Source: Toronto Real Estate Board
