TORONTO, ONTARIO, March 3, 2021 – Record home sales in the Greater Toronto Area (GTA) continued in February
as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With
multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm
throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.
GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 per cent
increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the
condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar
rates of increase in the ‘416’ and ‘905’ area codes.
“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the
first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties.
It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem
once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB
President Lisa Patel.
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 per cent 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.