By: Gary Singh

GTA Real Estate Market Update February 2021

Tags: HOMES FOR SALE. TORONTO. MILTON, BURLINGTON, MISSISSAUGA. OAKVILLE, VAUGHAN, GTA



The Resale Real Estate Statistics for the Month of January 2021 are in and Here are the Key Facts


- 6,928 sales reported through Toronto Real Estate Board’s MLS (up 52.4% from January 2020).

- Average selling price of all home types was up 15.5% year over year.

- Only 1.07 months of standing inventory.

Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.

Toronto Statistics - Year over Year Average price change


Detached Home
             
              + 15.4%
Semi Detached               + 20.0%
Townhouse               + 11.2%
Condo Towns               +  3.2%
Condo Apartment                - 8.0%
 
Mississauga Statistics – Year over Year Average Price change
 
Detached Home                + 25.0%
Semi Detached                + 15.3%
Townhouse                + 19.8%
Condo Towns                +  19.5%
Condo Apartment                 - 1.9%
 
Brampton Statistics - Year over Year Average Price change
 
Detached Home                + 34.1%
Semi Detached                + 24.1%
Townhouse                + 20.7%
Condo Towns                + 12.0%
Condo Apartment                +  5.3%
 
Milton Statistics - Year over Year Average Price change
 
Detached Home                + 27.8%
Semi Detached                + 25.8%
Townhouse                + 23.0%
Condo Towns                + 5.1%
Condo Apartment                +  9.3%
 
Vaughan Statistics - Year over Year Average Price change
 
Detached Home                + 24.7%
Semi Detached                + 27.8%
Townhouse                +  9.7%
Condo Towns                + 6.4%
Condo Apartment                + 2.7%
 
The sales volume for the GTA Market was up by 52.4% when compared to January, 2020. The number of active listings was down by -4.8% compared to January 2020, which was mainly due to an increase in sale of condo apartments.
 
Detached homes led the price gains last month, coming in at 31.2% year over year increase.

The inventory level was at 1.07 months at the end of January 2021, which is slightly lower compared to months of inventory at the end of December 2020. The average price of a home in the GTA for January 2021 was $967,885 which is up 15.3% ($ 128,522) from January 2020.

If you are a first time Buyer, this might be a good time to take advantage of historically low interest rates (fixed 5 year rate is under 2%) and buy your first home before the prices go up even higher.

If you need to sell, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings.  The key in the present market is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.