GTA Home Sales Report Jan 2021

By: William C

GTA Home Sales Report Jan 2021

Tags: Monthly Market Report, GTA Real Estate, Average GTA Home Price, Toronto, Markham, Richmond Hill

As we enter into the secod month of 2021, let's make a better outlook on the GTA Home Market after the status of last month was out. 


While mortgage deferrals were initially a concern early on in the pandemic, Mortgage Professionals Canada does not anticipate any pronounced uptick in mortgage delinquencies that would create systemic concerns as we move through 2021. Most property owners who took advantage of mortgage deferrals did so out of an abundance of caution rather than financial necessity and therefore have resumed their regular payments.

January 2021 Market Stats

January home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments, including condominium apartments, both in the City of Toronto and surrounding GTA regions. The number of new listings were also up on a year-over-year basis in January, but not by the same annual rate as sales.

This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.

The average selling price for January 2021 was up by 15.5 per cent to $967,885 year over year.

The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period. The price growth was mainly driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.

Stay tuned next month for the February issue of Market Watch to Your Inbox.

All numbers mentioned were based on reocrds from Toronto Region Real Estate Board Jan 2021.

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