GTA Housing Trends May 2021

Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.
GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 percent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 percent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.

The MLS® Home Price Index Composite Benchmark was up by 14.8 percent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 percent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 percent in all three cases.