Market Update January 2021
Tuesday Feb 09th, 2021
I hope everyone is staying well and healthy throughout the winter months. It is a very interesting time as we work our way through a pandemic and I am sure that you are as surprised as I am of the robustness of the Greater Toronto Area's real estate market.
2021 has started out with a flurry of activity with sales in the GTA up over 52% compared to last year and prices up over 15%. Months of inventory is down to approximately one month, highlighting the lack of inventory of homes available for sale. The limited inventory is reflected across all home types as the demand for condominiums has begun to rebound from it's softening during the last half of 2020, the volume of condo sales were up 85% over last January with prices down just over 4% across the GTA. I would expect to see the prices of condominiums rise should this strong demand continue.
WIth the limited inventory level of available homes for sale many buyers and investors have turned toward the purchasing of New Construction. There have been a few new condominium sites already released this year with great success. Our Brokerage has front of the line access with many of these projects, should you have any questions in regards to investing in real estate, please contact me.
It is always a pleasure to keep you updated on GTA's real estate market, for an update more specific to your neighbourhood please never hesitate to reach out. I hope to catch up with you in person soon.