Toronto Home Prices Hit Highest EVER $$

By: Thomas Cook

Toronto Home Prices Hit Highest EVER $$

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our FEBRUARY 2021 Toronto real estate market report.
 
The February Toronto real estate market has hit a number of records including the highest ever average sale price and the highest ever number of sales during the month.
 
So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
Huge numbers came in once again for February with a record 10,970 sales of houses and condos across the GTA.  The next closest to this was way back in 2017 when we had 7,950 sales).  Low interest rates and high demand are continuing to boost our local market.
 
Sales were up 52% from February 2020.
 
Condo townhouse and high-rise suites hit a new record with sales up by 63% year-over-year and a record 35.5% share of the market with 3,895 units being sold. 
 
The February 2021 average sale price for all GTA homes came in at $1,045,488… a big 14.9% increase compared to one year ago.  This was a record high number for any month EVER.
 
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 February compared to historical numbers was lower by 1% 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 February ratio increased dramatically to almost 126% to maintain an extreme seller’s market.
 
The days-on-market average for GTA / Toronto homes dropped dramatically to 14 days.

Here’s a snapshot summary of the significant real estate milestones for Toronto in February 2021 as we come to one year since the start of the coronavirus pandemic.

I believe we're in for an explosive tsunami of across-the-board economic activity in the next 3-4 months as all the repressed yearning for normality is released into a flurry of activity... vaccine deliveries up, restaurants busy, social gatherings happening once again, new residents (students, new hires and immigrants) coming into Toronto and sales activity for the real estate 'bad boys' of the pandemic (downtown condos) jumping back to pre-pandemic levels.
 

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