March 2021 Durham Region Market Watch
GTA REALTORS® RELEASE JANUARY 2021 STATS
• January 2021 home sales amounted to 6,928 – up by more than 50 percent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
• New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
• The average selling price for January 2021 was up by 15.5 percent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 percent over the same period.
• Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.
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Looking back on 2020, it is definitely one for the record books. It was a tough year and some days were harder than others that’s for sure, but there was a silver lining in 2020. Communities seemed to come together and we got to know our neighbours a little better. We all owe a debt of gratitude to the front line workers, health care providers, sanitation crews, grocery store clerks, delivery drivers and everyone who served the community throughout the year. We must also continue to support all the local businesses as they make it through these tough times.
If we think back to March of last year most people were not predicting the real estate market to do this well and many predicted the complete opposite. I guess hindsights 2020. We now know that while the pandemic has wreaked economic havoc on some, for others it has had the opposite effect. This opportunity for some to save, the extremely low cost of borrowing and the emerging trend of working remotely has fuelled the market. Couple this with the low inventory of homes and boom prices go up. There doesn’t seem to be any major changes coming, so I anticipate the upward trajectory to continue, at least through the first half of 2021. If we can vaccinate enough of the population where we start seeing service, entertainment, tourism and immigration returning, then look for the condo segment to start bouncing back as people move back into the cities core, which may help to balance the market later in the year.
Highlights from 2020 reported by TRREB.
- After a noticeable dip in activity between March and April market conditions improved dramatically and the second half of the year saw consecutive months of record sales and average selling prices.
- 95,151 sales were reported through TRREB’s MLS® System – an increase of 8.4 per cent compared to 2019.
- Sales growth was strongest year over year in the regions surrounding Toronto, particularly for single-family home types.
We have been working on some exciting things for 2021 and are looking forward to helping our clients acheive all of their real estate goals this year. Stay safe and please feel free to reach out if you have questions or are looking at making a move this year.
The JSA team
The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery.
–Lisa Patel, TREB President
While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year.
– Jason Mercer, Director, Market Analysis, TREB
We have experienced remarkable real estate market results in November 2020 in Durham Region with double-digit home value increases. This has been driven by historic low-interest rates and in part the effect of the COVID - 19 pandemic and tightening markets in land-based detached, semi-detached and townhome homes. For more information about the current market conditions in the Durham Region and how they will affect the value of your home please give us a call at 905-434-2022 or text 905-409-9967, we are here to answer all your questions.