By: Gary Singh

GTA Real Estate Market Update March 2021

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

 


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

10,970 sales reported through Toronto Real Estate Board’s MLS (up 52.5%)


Average selling price of all home types was up 14.9% year over year. 


Only 0.80 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  

13.4%

Semi Det  

9.6%

Townhouse  

8.5%

Condo Towns  

4.6%

Condo Apt.  

-6.3%

 
 
 
 
   

Mississauga Statistics – Year over Year Average Price change

 
Detached  

22.9%

Semi Det  

19.1%

Townhouse  

20.2%

Condo Towns  

9.1%

Condo Apt.  

1.4%

 

 

Brampton Statistics - Year over Year Average Price change

 
Detached  

22.4%

Semi Det  

22.0%

Townhouse  

19.5%

Condo Towns  

24.9%

Condo Apartment  

8.8%

 


 

Milton Statistics - Year over Year Average Price change

 
Detached  

34.8%

Semi Det  

25.9%

Townhouse  

21.2%

Condo Towns  

13.9%

Condo Apartment  

14.0%

 

 

 

Oakville Statistics - Year over Year Average Price change
 

Detached  

17.8%

Semi Det  

29.6%

Townhouse  

24.5%

Condo Towns  

23.6%

Condo Apartment  

10.2%

 

 

The sales volume for the GTA Market was up by 52.5% when compared to February 2020. The number of new listings was up 42.6% which will help with an increase in inventory and creating a balanced market.

 

Detached homes led the price gains last month, coming in at 23.1% year over year increase. 

The inventory level was at 0.80 months at the end of January 2021, which is slightly lower compared to months of inventory at the end of January 2021. The average price of a home in the GTA for Feb 2021 was $1,045,488.  This is the first time the average price in GTA has crossed the $1 Million mark.

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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.