Q1 Toronto Region Market Update

 

 

Here are the Toronto regional first-quarter 2021 real estate stats:

 

 

We get the months of inventory by dividing the active listings by the number of sales. A balanced market has around six months of inventory, so you can see in the chart above that inventory is extremely low.

 

In the first quarter of 2020, we had 19,849 sales, and in the first quarter of 2021, we had 33,550, an increase of 69%. The cause for this sharp rise was that the pandemic hit during the first quarter of last year, so sales slowed. In the first quarter of 2020, the average price was $884,000, and now it’s $1.037 million, which was a 17.3% growth.

 

At 2:25 in the video above, you can see a chart detailing the sales numbers for each type of housing comparing the first quarters of 2020 and 2021. The volume of sales in all four types of housing has gone up year over year. At 2:50 in the video, you can view a chart comparing the average prices of each type of housing year over year. All prices increased except for condos and apartments, which declined by 1.8%.

 

In the first quarter of 2019 (pre-COVID), we had 16,221 sales, in the first quarter of 2020 (the start of the pandemic), we had 19,849, and now we have 33,550; we’ve more than doubled our pre-COVID sales numbers. At 3:35, you can examine a graph showing the five-year historical price averages year over year.

 

Right now mortgage rates are low and supply is tight, and I believe these trends will continue through the second quarter.

 

If you have any questions about the market or real estate in general, please reach out via phone or email. We would love to help you.