MARKET REPORT FOR JANUARY 2021
January sales smashing records despite lockdown.
If you’ve wondered what real estate sales in the GTA would do with a surge of supply, look no further than January 2021’s condo sales that hit a record year over year increase of 85.5%. While improved affordability - a slight depreciation in the average condo price of 4.7% combined with record low interest rates - would be a factor in the sales numbers, this is a story of availability in an otherwise inventory starved market and the massive demand that persists. January’s 2,766 detached home sales, up by 34.4% compared to January 2020, continue to demonstrate the high demand from buyers wanting more space even as average prices increased by nearly the same rate as sales.
