The Toronto Regional Real Estate Board (TRREB) projectsoptimism for a booming Greater Toronto Area (GTA) real estatemarket in 2021. The report forecasts near-record sales numbers of100,000 units, with average selling prices expected to break records andexceed the $1 million mark.“The pandemic certainly resulted in an unprecedented year for real estatein 2020, but it hasn’t put a damper on the overall demand,” reports JasonMercer, TRREB Chief Market Analyst.
“Looking ahead, a strengtheningeconomy and renewed GTA population growth following widespreadvaccinations will support the continued demand for both ownership andrental housing. But over the long run, the supply of listings will remain anissue, particularly in low-rise segments.”Also released this week, January’s monthly figures show a strong startto the year. 6,928 sales recorded last month represents an over 50% increase measured year-over-year against January, 2020.
Sales growth wasrecorded in all market segments, including condominiums in both the 416and surrounding 905 regions. New listings also increased year-over-year,though at a less pronounced rate, which led to a tightening of marketconditions versus the previous January.The average selling price for January, 2021 spiked 15.5% year-over-yearto $967,885, driven primarily by the low-rise market segments as condominium apartment prices dropped in Toronto during this period. Despitethis, TRREB expects that the continued growth of condominium salescould soon lead to sales growth outpacing listing growth, and renewedcondo price appreciation.