Average selling price of homes in the GTA to surpass $1 million for the first time
Despite a rollercoaster of a year, the second half of 2020 saw healthy home sales, especially in the suburbs.
Those same "strong buying intentions" are carrying through to 2021, says TRREB. The average price for all home types and areas of the GTA combined is expected to reach $1,025,000.
This represents a year-over-year increase of 10 per cent, marking a first-time breach of the $1 million mark.
TRREB's January report saw the average price, which includes detached and semi-detached homes, townhouses, and condo apartments, combined to $967,886, up from $838,087 in January 2020.
The biggest increase in average price was, predictably, detached homes in the GTA, which cost around $1,359,900 in January — 31 per cent more than last January.In Toronto specifically, the average price of detached homes in January 2021 was $1,581,400, up by 11.8 per cent.
But it's prices outside of the City of Toronto, in the 905 areas, that really jumped this January.
South Simcoe County saw an overall increase of 25 per cent for average prices across the board, while Durham Region saw a 24 per cent increase.
"Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto," says TRREB.
"However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year."
RE/MAX Canada also predicted that the average home price in Toronto will surge in 2021, with the average property selling at around $974,015 this year.
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