2021 GTA market insights
The housing market in Toronto for this coming January is expected to be hot. Home prices are forecasted to jump again in 2021, fueled by low supply and high demand, and a highly probable post-COVID recovery.
“We will start to see a resumption of population growth, both from immigration and a return of non-permanent residents,” said Jason Mercer, Toronto Regional Real Estate Board Chief Market Analyst.
It’s a rollover from the second half of 2020, when the number of homes available on the market were not enough to meet the increasing number of interested buyers. Home sales in the fall were up again year over year, with sales up 24% in the month of November alone, statistics from the Toronto Regional Real Estate Board (TRREB) found. The average price of a home for all types combined increased alongside the sales. The cost was up by 13.3% to $955,615.
Home prices expected to continue to increase come 2021
The increase is in part caused by low supply and high demand.
“The strength of demand, particularly for larger single-family properties, will drive the average price higher as potential buyers compete for the most desirable properties,” a report from the Canadian Real Estate Association (CREA) found.
With many people making the decision to pack up and leave their current living situation, the cost is expected to continue to increase come the new year. According to the report from the CREA, the national average home price is forecasted to rise just over 9% to $620,400.
“Mortgage rates are expected to continue to remain very low, and a place to call home is more important than ever,” added Shaun Cathcart, the Canadian Real Estate Association’s senior economist. On top of that, the COVID-related shake-up to so much of daily life will likely continue to result in more people choosing to pull up stakes and move around. If anything, our forecast for another annual sales record in 2021 may be on the low side.”
Particular home types and locations are expected to be hot picks on the market as a result of the pandemic, including single family homes, and houses that are located in the suburbs, slightly away from major urban centres.
If you have a client searching for a home in this elusive market, we have a number of current projects that they might be interested in. – Including a five-bedroom, five bathroom in Markham, and a three-bedroom, three bathroom town home in the heart of Thornhill.
Why work with us?
We’re an experienced brokerage, with our two founding members, Frank Longo and John Torchia, bringing over 60 years combined experience in both commercial and residential sales. At Torlon Realty we also have experts who focus on pre-construction- builder direct representation, development land management, investment property management, retail MLS, exclusive and corporate resale and loss mitigation. Contact us today for more information 416-613-1010, or by email at firstname.lastname@example.org.