Market Update – January 2021

On in So How's the Market in Toronto by

In January, we continued to see strong 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 157 detached home sales through the Toronto MLS® in January 2021; and on average, these detached homes sold for $2,048,331.

Last year, in January 2020, Toronto MLS® reported 99 freehold detached home sales across Toronto – which is a 59% increase in volume for this year. It was also reported that on average, freehold detached homes sold for $1,951,948 in January 2020 – and that’s a 5% increase in sale prices for this January.

With respect to semi-detached homes… Central Toronto REALTORS® reported 110 semi-detached home sales in January 2021; and on average, these semi-detached homes sold for $1,415,759 last month.

That compares to 60 semi-detached home sales in January 2020 – which is a 83% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,260,862 in January 2020 – and that’s an 12% increase in sale prices for this January!

With respect to condo sales… Central Toronto REALTORS® reported 992 condo sales in January 2021; and on average, these condos sold for $684,552 last month.

In January 2020, there were 496 condo sales – which is a 100% increase in volume for this year. On average, these condos sold for $815,174 – and that’s a 16% decrease in sale prices for this January.

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.

 

 

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