24 Mar Toronto Real Estate Market News | February 2021
The pace remains fast and record home sales haven’t slowed down as historic low interest rates and continued buyer confidence as 10,970 sales were reported on TREB MLS – a 52.5% increase from February 2020. Condo sales activity rebounded with an increase of 63.2%.
Breaking down last month’s sales, detached homes saw a 29.8% increase in sales activity with 915 homes sold and average sale prices increased by 13.2% year over year to $1,684,073. The average price for detached homes rose by 9.7% to $1,324,2444 with 295 sales – an increase of 64.8% compared to February 2020.
Townhome sales were up by 49.6% with 341 sales and average prices inching up by 7.8% to $913,037. Condos saw an incredible rise in activity of 63.2% with 2,167 sales compared to February of last year, despite average prices dipping by 6.4% to $676,873.
Demand for housing has carried forward from the second half of last year to the first quarter of this year. The momentum shows little sign of slowing down as demand outweighs supply which has supported double-digit average home price growth. Market conditions will likely continue on this trajectory as we look towards the Spring market, one of our traditionally busiest markets.