The weather is not the only thing getting warmer in Toronto, Canada. The Toronto housing market is getting red hot again, and average house prices now stand at over $1 million. Condo prices appreciated by 7% in one month from Jan 2021 to Feb 2021 and house prices were up by 5%. Prices are expected to keep jumping into the summer and beyond.
The MLS Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488.While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20% in all three cases.
“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.