Toronto real estate has been a roller-coaster ride ever since the global pandemic arrived. The home sales and pricing situation in Toronto are unpredictable, with prices rising upwards and
Rising Prices & More: Toronto Spring Market Trends
Dated: April 15 2021
Flashback to Spring 2020: Toronto's spring market faced a bunch of unknowns as province-wide lockdowns started. Now, in 2021, Toronto may see the return of its usual busy real estate market this spring.
The Building Industry and Land Development Association (BILD) reports that new construction will see its usual increase in sales and new launches for additional supply. BILD also reports that 3,240 homes were sold across the Toronto region in February - 9% above the 10-year average, but still 34% below the sales recorded in February 2020. In February, condo sales were higher than sales of single-family homes.
BILD's report notes that the pandemic could pose new economic challenges. However, after facing a year of struggles and uncertainty, developers are ready to face new possible scenarios that could arise this spring.
Prices are not expected to fall this spring as the cost of building supplies continues to rise. Prices could continue to rise throughout the spring. The BILD February report highlighted that prices for single-family homes and condos have increased by 25.1% and 8.4% over the past year. Downtown Toronto condo sales, despite a pandemic, continued to perform well.
As businesses begin to reopen, Mike Bowering, President of Mutual Developments, believes that people will be returning to the city to be closer to work. He also states, “All the openings we are seeing are indicative of the demand, and the condos in the central areas are a convenient place to live — close to where people work. “In fact, they are becoming more appealing than single-family homes because of their proximity to work.”
Now, as Ontario faces a new wave of COVID-19 cases, in-person restrictions have paused most events for the foreseeable future. Many builders are still planning to launch and sell new projects online. Sales and marketing teams have been creating new ways to reach their target audiences this spring, finding creative approaches to reach the buyers who may be shopping and purchasing new homes from the comfort of their couch.