In February, we saw incredible activity in the Toronto real estate market for detached and semi-detached homes. However, we did continue to see some softening in the condo market.
Central Toronto REALTORS® reported 301 detached home sales through the Toronto MLS® in February 2021; and on average, these detached homes sold for $2,257,525.
Last year, in February 2020, Toronto MLS® reported 245 freehold detached home sales across Toronto – which is a 23% increase in volume for this year. It was also reported that on average, freehold detached homes sold for $1,980,289 in February 2020 – and that’s a 14% increase in sale prices for this February.
With respect to semi-detached homes… Central Toronto REALTORS® reported 227 semi-detached home sales in February 2021; and on average, these semi-detached homes sold for $1,502,405 last month.
That compares to 123 semi-detached home sales in February 2020 – which is a 85% increase in volume for this year. It was also reported that on average, semi-detached homes sold for $1,429,536 in February 2020 – and that’s a 5% increase in sale prices for this February!
With respect to condo sales… Central Toronto REALTORS® reported 1,329 condo sales in February 2021; and on average, these condos sold for $761,561 last month.
In February 2020, there were 737 condo sales – which is a 80% increase in volume for this year. On average, these condos sold for $871,347 – and that’s a 13% decrease in sale prices for this February.
Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we had little doubt that it would recover rather quickly.
