GTA Home and Condo Sales Reach New Heights for February

GTA Home and Condo Sales Reach New Heights for February

TORONTO, March 03, 2021 (News) — Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.

The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.

“The pandemic has not stunted GTA residents’ appetite for owning a home. Once the economy opens further and immigration into the GTA resumes, there will be an even greater need for housing supply. Understandably, COVID-19 has been front and centre for policymakers. However, it will be important to build upon the proactive work already started by local and provincial governments to promote the development of a more diverse and affordable housing supply in our region,” said TRREB CEO John DiMichele.

Summary of TRREB MLS® System Sales and Average Price February 1–28, 2021
 20212020
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto (“416”)3,741995,2014,7062,457988,7953,520
Rest of GTA (“905”)7,2291,071,51210,4314,736869,3377,098
GTA10,9701,045,48815,1377,193910,14210,618
TRREB MLS® System Sales & Average Price by Home Type February 1–28, 2021
 SalesAverage Price
 416 905 Total416 905 Total
       
Detached915 4,028 4,943 1,684,073 1,300,853 1,371,791 
Yr./Yr. % Change29.8% 47.4% 43.8% 13.2% 27.8% 23.1% 
Semi-Detached295 682 977 1,324,244 932,551 1,050,820 
Yr./Yr. % Change64.8% 48.6% 53.1% 9.7% 25.6% 20.3% 
Townhouse341 1,500 1,841 913,037 845,518 858,025 
Yr./Yr. % Change49.6% 65.7% 62.5% 7.8% 20.3% 17.3% 
Condo Apartment2,167 949 3,116 676,837 563,587 642,346 
Yr./Yr. % Change63.2% 66.8% 64.3% -6.4% 5.4% -3.7% 
February 2021 Year-Over-Year Per Cent Change in the MLS® HPI
 Composite (All Types)Single-Family DetachedSingle-Family AttachedTownhouseApartment
TRREB Total14.81% 21.22% 19.90% 14.48% 1.38% 
Halton Region21.62% 25.51% 26.19% 18.37% 10.85% 
Peel Region15.62% 19.16% 20.12% 14.41% 3.70% 
City of Toronto6.04% 15.00% 12.77% 9.64% -0.40% 
York Region17.16% 20.23% 20.15% 11.04% 5.39% 
Durham Region28.91% 28.92% 31.93% 29.13% 17.24% 
Orangeville23.71% 24.12% 27.56% – – 
South Simcoe County135.28% 30.71% 26.89% – – 
Source: Toronto Regional Real Estate Board 
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth 
Year-to-Date Summary of TRREB MLS® System Sales and Average Price YTD 2021
 20212020
 SalesAverage PriceNew ListingsSalesAverage PriceNew Listings
City of Toronto (“416”)6,402941,5588,2584,050946,0476,155
Rest of GTA (“905”)11,4781,056,57416,3177,689848,62912,311
GTA17,8801,015,39224,57511,739882,23818,466
YTD TRREB MLS® System Sales & Average Price by Home Type YTD 2021
 SalesAverage Price
 416 905 Total416 905 Total
       
Detached1,436 6,264 7,700 1,646,335 1,303,558 1,367,484 
Yr./Yr. % Change29.8%42.7%40.1%14.1%31.0%26.0%
Semi-Detached457 1,024 1,481 1,281,923 921,325 1,032,596 
Yr./Yr. % Change71.2%43.6%51.1%12.8%25.6%22.4%
Townhouse600 2,362 2,962 870,457 828,908 837,325 
Yr./Yr. % Change48.1%57.0%55.2%6.3%20.4%16.9%
Condo Apartment3,867 1,716 5,583 654,047 556,408 624,037 
Yr./Yr. % Change72.2%74.6%72.9%-7.3%5.1%-4.3%
Source: Toronto Regional Real Estate Board
Seasonally Adjusted TRREB MLS® System Sales and Average Price1 
     
 SalesMonth-Over-Month % Chg.Average PriceMonth-over-Month % Chg.
February ’208,73022.4%$900,1942.9%
March ’206,859-21.4%$894,512-0.6%
April ’202,384-65.2%$790,070-11.7%
May ’203,62952.2%$827,6284.8%
June ’206,45978.0%$904,2639.3%
July ’209,33844.6%$951,3275.2%
August ’2010,45512.0%$981,7733.2%
September ’2010,051-3.9%$953,073-2.9%
October ’209,771-2.8%$957,7580.5%
November ’209,399-3.8%$966,1670.9%
December ’2011,37021.0%$978,4281.3%
January ’2111,7193.1%$1,009,5713.2%
February ’2113,58215.9%$1,032,6082.3%
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment 
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

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Media Inquiries:Genevieve Grant, Public Affairs Specialist  ggrant@trebnet.net  416-443-8159

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 57,000 residential and commercial professionals connecting people, property and communities. 

www.trreb.ca/

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