2nd Highest Average Sale Price – Condo Sales Making A Comeback

By: Thomas Cook

2nd Highest Average Sale Price – Condo Sales Making A Comeback

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our JANUARY 2021 Toronto real estate market report.
 
The 2021 Toronto real estate market has started off gangbusters with gains in some unexpected areas.
 
So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
Big numbers came in once again for January as we’re now starting off the year with record sales of 6,928 sales of houses and condos across the GTA.  The next closest to this was way back in 2017 when we had 5,155 sales).  Low interest rates and high demand are continuing to boost our local market.
 
Sales were up 52% from January 2020.
 
Condo townhouse and high-rise suites hit a new record with sales up by 74% year-over-year and a record 44% share of the market with 3,050 units being sold. 
 
The January 2021 average sale price for all GTA homes came in at $967,885… a big 15.5% increase compared to one year ago.  This was the 2nd highest number for any month to date.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of January compared to historical numbers was lower by 5% compared to last year at this time.
 
Compare that slight inventory decrease to a 52% year-over-year sales increase.  That’s why we’re seeing such a big jump in appreciation.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
With our busy market… the January ratio increased dramatically to 94% to maintain a very busy seller’s market.
 
The days-on-market average for GTA / Toronto homes remained steady at 24 days.

Here’s a snapshot summary of the significant real estate milestones for Toronto in January 2021 as we finish the 11th month of the coronavirus pandemic.


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