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.
- February sales were 52% higher than last year (10,970) – a record for February on TRREB
- The ratio of sales-to-listings jumped dramatically to 125.7% in February– putting us into extreme seller market territory
- The February average sale price came in at a record highest EVER $1,045,488– 14.9% above one year ago as we head into the spring market
- The GTA real estate market overall averaged a quick 14 days-on-market
- Detached home sales in February 2021 with a purchase price over $2,000,000 were up a big 137% (550 houses) while condo apartment sales over $2M decreased by a significant 25% (15 suites) compared to February 2020
- The CONDO share of the market jumped to a ‘highest-ever’ 44% during the month
- Downtown condo active listing numbers were still UP by a big 57% in C01 and by 58% in C08 from last year at this time but lower by 19-22% from January
- February year-over-year downtown condo sales were up by 85% in C01 and 139% in C08 compared to 2020
- The downtown condo days-on-market average was 26 days (C01) and 26 days (C08)
- Reversing the trend seen in the past several months, the ratio of sales-to-listings for condos downtown made a huge jump in C01 to 107% and in C08 to 111% putting both condo districts back into extreme seller market territory
- Because of the influence of much higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, the average condo sale price declined 10% - 13% from February 2020
- Despite the doom and gloom you see in the media about the combination condo townhouse and high-rise suite market, February continued the recovery for condo sales – there may only be a short 2-3 month window to take advantage of this market
- February saw detached homes in the 905 appreciate year-over-year by an average 28% while sales were up 47%. 905 condo apartment sales were up 67% while average sale prices rose by a modest 5.4%
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