TRREB’s February Market Report Reveals Insights into Latest GTA Home Sales

February Has Seen a Boom in Demand for GTA Homes—Now, We Need Supply to Match

TRREB’s February Market Report Reveals Insights into Latest GTA Home Sales | Storey Collective

The Toronto Regional Real Estate Board (TRREB) has now released its market data for February’s GTA home sales. These stats reveal the latest insights into home-buying trends in the Greater Toronto Area (GTA). And these insights could be key to your property sale or purchase.

The February 2021 Market Watch Report confirms that GTA home sales remain at a record high. Now post-pandemic employment situations are starting to look up, many homebuyers are becoming more confident in their financial stability and are making the most of low borrowing costs. As a result, we’re seeing a huge demand for properties throughout the GTA.

As so many buyers are competing for listings, the GTA has seen a double-digital annual price growth. Amongst the GTA’s regions, suburbs surrounding the City of Toronto have seen the strongest rates of growth. But demand is rising in all regions, and the GTA needs a higher supply of listings to meet this demand.

Here, we’ll take a close look at February’s stats and what these mean for GTA housing markets.

GTA Home Sales: TRREB’s February 2021 Statistics

Below, you’ll find the main conclusions from TRREB’s February 2021 Market Watch report.

  • GTA realtors closed 10,970 home sales through TRREB’s MLS® System in February 2021. This is 52.5% more than the 7,193 sales closed in February 2020.
  • Amongst these sales, condominium apartments saw the biggest rise in take-up. Realtors sold 64% more of these apartments this February than last February.
  • The MLS® Home Price Index Composite Benchmark has risen by 14.8% year-on-year since February 2020. Over the same period, the average selling price has risen by 14.9%, reaching $1,045,488.
  • Market conditions have remained tight over the last month. But detached, semi-detached, and townhouse market sectors in suburban locales have driven average annual price growth by over 20%.

“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,” says Lisa Patel, TRREB President. “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.” 

“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,” adds Jason Mercer, TRREB Chief Market Analyst. “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.” 

February’s Region-Specific Sales

In February alone, realtors closed:

  • 1,127 home sales in the Halton Region.
  • 2,270 in the Peel Region.
  • 2,023 in the York region. 
  • 1,384 in the Durham region.
  • 3,741 in the Toronto region.

Taking a closer look at February’s home sales in Toronto, realtors closed 931 residential property sales in Toronto West, 1,981 in Toronto Central, and 829 in Toronto East. 

GTA Home Sales on the Rise in All Regions

Sales activity and average property prices are on the rise as buyers across the GTA gradually recover from the economic impact of COVID-19 and settle into their new homes. Demand is likely to continue growing as we ease out of pandemic restrictions, and we need more supply in each TRREB region to accommodate more prospective buyers.

Here at Storey Collective, we serve communities in Georgetown, Toronto, Mississauga, Oakville, Milton, and Burlington. You can check out each community page to catch up on our year-over-year and month-over-month market summaries.

If you’re considering moving to Toronto or the wider GTA, you might also find some useful information in our blog posts on Vision Georgetown progress and the best places to invest in Ontario’s real estate this year.

If you’d like to close the best possible deal when selling or buying property in the GTA, you can get in touch with Storey Collective for a free phone consultation.