February 2021 – average housing price in Toronto exceeds $1M
Last month, home buyers rushed into Canada’s largest real estate market. As a result, the average price of a Toronto property exceeded $1 million fueled by extremely low interest rates.
According to the Toronto Regional Real Estate Board (TRREB), there were 10,970 homes sold in the GTA in February, marking an annual increase of 52.5% and reporting a new record level for the month.
Meanwhile, supply remained restrained with active listings dropping by 1%.
The combination of rising sales and lack of supply has pushed the average selling price to $1,045,488 last month, which is 14.9% higher than in February 2020.
“It’s obvious that the strong demand for housing seen in the second half of the previous year has continued during the first quarter of 2021, showing some similarities, e.g. popularity of suburban low-rise houses,” – noted TRREB President Lisa Patel.
“As the supply can’t keep up with the growing demand, we may face a serious problem when population growth picks up after widespread vaccinations later this year.”
The largest prices increase was reported in the sector of the single-family detached houses in the GTA. Their average price rose by 23.1% annually to $1,371,791. We’ve seen a stronger prices gain in case of 905 region, as the remote work trend keeps sending buyers to larger properties outside Canada’s biggest city.
At the same time, the condo market showed a significant activity last month with sales reporting an annual increase of 64.3%.
| TRREB MLS® Sales & Average Price By Home Type February1-28, 2021 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 915 | 4,028 | 4,943 | $1,684,073 | $1,300,853 | $1,371,791 |
| Yr./Yr. % Change | 29.8% | 47.4% | 43.8% | 13.2% | 27.8% | 23.1% |
| Semi-Detached | 295 | 682 | 977 | $1,324,244 | $932,551 | $1,050,820 |
| Yr./Yr. % Change | 64.8% | 48.6% | 53.1% | 9.7% | 25.6% | 20.3% |
| Townhouse | 341 | 1,500 | 1,841 | $913,037 | $845,518 | $858,025 |
| Yr./Yr. % Change | 49.6% | 65.7% | 62.5% | 7.8% | 20.3% | 17.3% |
| Condo Apartment | 2,167 | 949 | 3,116 | $676,837 | $563,587 | $642,346 |
| Yr./Yr. % Change | 63.2% | 66.8% | 64.3% | -6.4% | 5.4% | -3.7% |