Toronto's surging real estate market is affecting renters as well as buyers. Landlords are looking to cash in on the rising costs and sell their properties. These quick sales are leaving some
Toronto Real Estate Update for 2021
Dated: February 19 2021
Canadians did not let a worldwide pandemic slow down the real estate market. Despite the pandemic, record sales at record prices made the Toronto market skyrocket in recent months. The Toronto Regional Real Estate Board’s recently released forecast shares some key findings for both buyers and sellers.
New Home Buying Attitudes
The pandemic brought some buyers into the market sooner than expected - especially with the new directives to work from home. Homebuyers found themselves with more buying options since they didn’t have to be in popular city centers. Many buyers wanted out of urban areas and there was a noted increase of interest in homes in the nearby York, Durham, Peel and Halton regions. COVID-19 spurred a higher interest in homes with more square footage, greenspace, and lower population density.
2021 could also bring an influx of immigrant homebuyers, especially those coming for educational purposes, to the Toronto area. Immigrant and first-time homebuyers often purchase condominiums for their affordability, supporting an expected spike in sales for condominiums in the area.
Housing supply levels continue to be low which may continue to drive up prices throughout the year. TREB chief market analyst, Jason Mercer, states that “we’re expecting to see listings creep up a little bit but not on the same track as sales are ''if December and January sales levels continue through the year.The TRREB expects the average home price to climb 10% this year - bringing the average home price to over $1 million in 2021.
Other Cities Also Attractive
As buyers have found themselves unattached to the bigger cities since they now work from home, other markets have also seen significant growth. Since people are leaving the city, home prices have increased 25-30% in other Ontario locations such as Barrie, Niagara, Grey-Bruce Owen Sound, Huron Perth, Kawartha Lakes, London and St. Thomas, North Bay, Simcoe and Southern Georgian Bay.
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