Jeanette Grant

MARKET UPDATE FOR THE WEEK ENDING MARCH 5TH, 2021

09 March 2021
Jeanette Grant

MARKET UPDATE FOR THE WEEK ENDING MARCH 5TH, 2021

What can we say, the GTA housing market is on fire! Home sales rose 52.5% across the board. With February stats out this week, the 905 regions are seeing a surge and the average selling price rose to $1,045,488, the first time it has exceeded the million-dollar mark. Detached houses in the 905 communities surrounding Toronto experienced a particular surge. They sold for nearly 30% more this February compared with the same month last year. The Toronto Real Estate Board is warning that the already hot pandemic market is poised to become more competitive as the year goes on.

With low inventory and high demand, double digit price growth is seen in almost all types of housing. The average price for a detached house in the 905 is $1.3 million up 27.8% from a year ago and in the City of Toronto detached homes sold on average for $1.7 million – up 13.2%. Semi-detached homes outside the city also saw increases of 20% with the average sale price of $1,050,820 and in the City of Toronto the average sale price is $1,324,244 an increase of 10%.

Condo prices also continued to climb in the 905 areas – up 5.4% year-over-year to an average of $563,587. Prices for condos in Toronto are down 6.4% compared with last February to an average price of $676,837. That being said, last month’s 3,116 transactions in the GTA represented a 64.3% year-over-year increase, with both the 905 and the City of Toronto condo sales experiencing a similar gain. If sales continue to outstrip new listings, those prices will rise. Renewed price growth in this market segment is a distinct possibility in the second half of the year.

Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.


HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:

Greater Toronto's Average House Price Passes $1 Million

“The Toronto Regional Real Estate Board says the housing market remained on fire in February with the average price surpassing $1 million for the first time.”



Ontario Homebuyers Flocked to Suburban Cities Amid Pandemic

“While COVID-19 did bring a sense of uncertainty to the housing market over the course of the past year, the pandemic also allowed buyers, sellers, and renters alike to adapt to the fluctuations in the housing market, with many taking advantage of low bowering costs and prices to find a new home.”


Impact of Toronto’s looming vacant home tax depends on strength of rental market recovery

“A large proportion of the city’s real estate investors have said they would offload their units if the City of Toronto moves forward with implementing a vacant home tax, according to recent polling data. But how quickly and strongly the city’s beleaguered rental and condo markets recover this year could play a critical role in determining the impact of the tax.”


Garden suites: A new strategy for adding gentle housing density

“With Toronto’s 2018 laneway rental housing program finally generating new projects in older parts of the core, city planners are working on the sequel – zoning policies that would allow homeowners to build “accessory dwelling units” or “garden suites” in their backyards.”


Check into work orders and permits before you buy

“Who is responsible when a home is so defective that it is deemed unsafe to occupy?”