On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s January 2021 real estate market watch report for the region. VIP's report will provide information such as market outlooks & news in January 2021, along with specific info on prices for both condos and homes in the GTA:
Monthly Market Update: Residential Transactions
- 6,928 residential home transactions took place in January 2021, up from 4,546 in January 2020 - an increase of 52.4%.
- When seasonal adjustments are taken into account, there was a 2% increase in the number of purchases from December 2020 (11,281) to January (11,506).
January 2021 Real Estate Watch: Average Selling Prices
- The average sale price for January 2021 was $967,885. This is an increase of 15.5% over January 2020, when it was $838,087.
- With seasonal adjustments, prices saw a 3.5% increase from December 2020 (from $975,050 to $1,008,947).
Monthly Market Outlook: New Listings
- There were 9,430 listings available for January 2021, which is a 20.2% increase over January 2020 (when there were 7,848).
- The sales-to-listings ratio has increased by 15% from January 2020, from 58% to 73%.
Monthly Market Update for January 2021: Days On The Market
- The average property spent 33 days on the market, compared to 37 last year - a decrease of 10.8%.
- Listings spent an average of 24 days on the market, which is a 11.1% decrease from this month last year (when they spent an average of 27).
Click Here To Read TRREB's January 2021 Real Estate Market Watch Report for Both Homes and Condos
In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
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