Market REPORT for January 2021
•January 2021 home sales amounted to 6,928 – up by more than 50 per centcompared to January 2020. This strong start to 2021 included sales growth acrossall major segments including condominium apartments, both in the City of Torontoand surrounding GTA regions.
•New listings were also up on a year-over-year basis in January, but not by thesame annual rate as sales. This means market conditions tightened compared toJanuary 2020, resulting in the continuation of double-digit growth in the MLS®Home Price Index and the average selling price.
•The average selling price for January 2021 was up by 15.5 per cent to $967,885year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per centover the same period.
•Price growth was driven by the low-rise market segments, while the average condoapartment price was down in Toronto. However, if we continue to see condo salesgrowth outstrip condo listings growth, we could start to see renewed growth incondo prices later this year.