TRREB’s February GTA Data.

Another extremely busy month here in Toronto real estate market, prices keep going up and it seems like the demand for housing is a high as ever. Overall, in February, sales went up 51% year over year which set the pace for the spring market this month.

There were 43% increase in new listings coming to MLS which clearly wasn’t enough to satisfy the demand from the side of the buyers. “…It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022” said TRREB President Lisa Patel.

Outside of Toronto the prices went up, 19% in York, 24% in Halton and 19% Peel since last February, signaling that the demand there is still strong. No surprise there, people are opting for larger places where it’s comfortable to work from home.

Toronto Condo Market

The city’s condo apartments and townhouses continue to experience renewed interest from the buyers. Apartment sales went up 63% and townhouses saw a 60% increase. The window of opportunity where buying a condo in the city is possible without multiple offers is quickly closing down.

Toronto condo prices did go up 8% month over month, but this is still 6% lower since last February, which was an especially hot market for condos.

Savvy people are rushing into the market, right before the prices start to pick up the pace with the demand. Looking at the market trends, it seems that we will start experiencing stronger price increases for condos in the second half of the year. According to  Jason Mercer, TRREB’s Chief Market Analyst “if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year.”

While Toronto condos are still due to see price growth, the prices in Peel and York have already started to go up and have risen 3% since last year.

Are you looking to make an investment or buy your first home in Toronto? Right now is the time. Let’s hop on a Zoom call and explore your options, hit me up here.