TORONTO, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The outlook for the GTA real estate market is healthy with strong buying intentions, a near-record sales forecast of more than 100,000, and a record average selling price over $1 million.
Today, the Toronto Regional Real Estate Board (TRREB) is unveiling its must-read Market Year in Review & Outlook 2021 Report and eagerly awaited digital digest containing TRREB’s annual market outlook, up-to-date Ipsos consumer polling results, the most recent Altus new home and commercial statistics, rental market trends, research on innovative approaches to bring on more housing supply and mortgage market trends.
“The pandemic certainly resulted in an unprecedented year for real estate in 2020, but it hasn’t put a damper on the overall demand,” said Jason Mercer, TRREB Chief Market Analyst. “Looking ahead, a strengthening economy and renewed GTA population growth following widespread vaccinations will support the continued demand for both ownership and rental housing. But over the long run, the supply of listings will remain an issue, particularly in low-rise segments.”
2021 Market Outlook
January 2021 Market Stats
2020 Market Year in Review
2020 was a roller coaster year with unpredictable ups and downs, but the second half of 2020 was marked by consecutive monthly records for home sales and average selling prices. The end result was the third best annual sales total on record and a new record for the average selling price. The suburbs experienced the strongest sales growth, especially in single-family homes with the average selling price topping out at almost $930,000.
“Together as REALTORS®, we’ve become an essential part of the economic recovery. The results of the past year were driven by TRREB Members who act as vital instruments driving economic activity in our communities as they work on a daily basis with home buyers, home sellers, renters and business owners,” said Lisa Patel, TRREB President.
“When the pandemic hit, TRREB outlined a detailed policy brief on government economic initiatives to municipal, provincial and federal governments. With regards to housing supply, our key recommendations are to expedite the creation of missing middle housing, that is, multi-unit low-rise housing between detached and mid- to high-rises. It is crucial that we expand these development opportunities in residential areas which are currently only zoned for detached and semi-detached housing. This is why we asked Urban Strategies to research and propose innovative and workable ideas around the provision of missing middle housing across our region,” said John DiMichele, TRREB CEO.
The Potential of the Missing Middle
Currently, there is a lack of variety in housing and due to municipal zoning restrictions most of our urban areas are occupied by low density, single-family homes. Research commissioned by TRREB and conducted by Urban Strategies found that increasing the different types of housing will address the missing middle in those areas while significantly, and quickly, alleviating the tight housing supply.
“Allowing conversions of single-family houses for additional units could result in the rapid addition of 300,000–400,000 units in Toronto and would make a major contribution to addressing housing affordability. Increasing the missing middle can also stabilize the population while helping to sustain schools, social and retail amenities,” said Joe Berridge, Urban Strategies Inc. Partner.
Discover new research on much-needed missing housing, delve into the latest market insights and trends in the full report and explore the new interactive website and videos showcasing the key takeaways from this year’s report.
Summary of TRREB MLS® Sales and Average Price January 1–31, 2021 | ||||||
2021 | 2020 | |||||
Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
City of Toronto ("416") | 2,665 | $866,331 | 3,547 | 1,593 | $880,113 | 2,635 |
Rest of GTA ("905") | 4,263 | $1,031,371 | 5,883 | 2,953 | $815,416 | 5,213 |
GTA | 6,928 | $967,885 | 9,430 | 4,546 | $838,087 | 7,848 |
Source: Toronto Regional Real Estate Board |
TRREB MLS® Sales & Average Price By Home Type January 1–31, 2021 | |||||||||||
Sales | Average Price | ||||||||||
416 | 905 | Total | 416 | 905 | Total | ||||||
Detached | 522 | 2,244 | 2,766 | $1,581,400 | $1,308,393 | $1,359,915 | |||||
Yr./Yr. % Change | 30.2% | 35.4% | 34.4% | 16.0% | 36.6% | 31.2% | |||||
Semi-Detached | 162 | 344 | 506 | $1,204,857 | $898,810 | $996,794 | |||||
Yr./Yr. % Change | 84.1% | 35.4% | 48.0% | 21.5% | 25.4% | 26.6% | |||||
Townhouse | 259 | 865 | 1,124 | $814,396 | $800,339 | $803,578 | |||||
Yr./Yr. % Change | 46.3% | 44.4% | 44.8% | 4.1% | 20.0% | 15.9% | |||||
Condo Apartment | 1,703 | 768 | 2,471 | $624,886 | $547,488 | $600,830 | |||||
Yr./Yr. % Change | 85.5% | 85.5% | 85.5% | -8.0% | 4.8% | -4.7% | |||||
January 2021 Year-Over-Year Per Cent Change in the MLS® HPI | |||||||||||
Composite (All Types) | Single-Family Detached | Single-Family Attached | Townhouse | Apartment | |||||||
TRREB Total | 11.94% | 16.64% | 15.61% | 12.86% | 1.70% | ||||||
Halton Region | 18.27% | 21.78% | 22.03% | 16.61% | 7.56% | ||||||
Peel Region | 12.91% | 15.61% | 16.40% | 12.68% | 4.21% | ||||||
City of Toronto | 4.99% | 11.84% | 9.59% | 9.31% | 0.00% | ||||||
York Region | 13.34% | 15.20% | 14.78% | 10.14% | 5.86% | ||||||
Durham Region | 24.40% | 24.08% | 27.59% | 25.63% | 14.99% | ||||||
Orangeville | 21.01% | 20.86% | 22.83% | - | - | ||||||
South Simcoe County1 | 25.23% | 25.51% | 17.69% | - | - | ||||||
Source: Toronto Regional Real Estate Board | |||||||||||
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth |
Seasonally Adjusted TRREB MLS® Sales and Average Price1 | |||||
Sales | Month-over- Month % Chg. | Average Price | Month-over- Month % Chg. | ||
January '20 | 7,055 | -2.4% | $874,695 | -0.2% | |
February '20 | 8,727 | 23.7% | $905,553 | 3.5% | |
March '20 | 7,023 | -19.5% | $895,785 | -1.1% | |
April '20 | 2,416 | -65.6% | $791,355 | -11.7% | |
May '20 | 3,683 | 52.4% | $828,392 | 4.7% | |
June '20 | 6,530 | 77.3% | $904,625 | 9.2% | |
July '20 | 9,390 | 43.8% | $951,247 | 5.2% | |
August '20 | 10,448 | 11.3% | $981,298 | 3.2% | |
September '20 | 9,996 | -4.3% | $951,864 | -3.0% | |
October '20 | 9,721 | -2.8% | $956,009 | 0.4% | |
November '20 | 9,308 | -4.2% | $964,141 | 0.9% | |
December '20 | 11,281 | 21.2% | $975,050 | 1.1% | |
January '21 | 11,506 | 2.0% | $1,008,947 | 3.5% | |
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment | |||||
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends. |
TRREB Annual MLS® System Statistics
2021 Sales, New Listings and Average Price Outlook
Year | Sales | New Listings | Average Price |
2016 | 113,040 | 154,230 | $729,821 |
2017 | 92,340 | 178,412 | $822,496 |
2018 | 78,018 | 156,504 | $787,845 |
2019 | 87,750 | 152,737 | $819,853 |
2020 | 95,115 | 156,755 | $929,692 |
2021(F) | 105,000 | 160,000 | $1,025,000 |
Source: TRREB |
FOR THE FULL REPORT, CLICK HERE.
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The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 57,000 residential and commercial professionals connecting people, property and communities.