02/10/2021
Hello Facebook,
The Toronto Real Estate Board has released the Market Statistics for Residential Real Estate Sales that occurred through the Toronto Real Estate Board in the month of January, and the numbers are astonishing!
The Market is still hot, with no end in sight!!!
There were 6,928 residential real estate sales through the Toronto Real Estate Board in January. The average selling price for homes sold in the GTA during January was $967,885, which is up more than 15% when compared to January 2020! AND, at the end of January there was 1.07 months of housing inventory remaining for sale, which indicates a seller’s market, so buyer’s will face lots of competition. However, mortgage rates are extremely low, which has been giving buyers more buying power!!
The Condo Market, as predicted, is showing signs of recovery now that we’ve began administering the vaccine for COVID-19. There were 2,471 condo sales through the Toronto Real Estate Board in January, which is an 85% increase when compared to January 2020. The average selling price for condos that sold in the GTA during January was $600,830, which is still down 4.6% when compared to January 2020. But, because we’re seeing condo inventory being absorbed rapidly, we can expect that Condo prices will soon begin to increase as we
If you’re thinking about making a move, whether it’s Buying, Selling or Renting give me a call. I’d be happy to represent you!