GTA Housing Trends May 2021
Thursday May 06th, 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.