Current Toronto & GTA Housing Marketing

Current Toronto & GTA Housing Marketing

By

Sukh
*

Published in

Real Estate News
*

26 May 2021


The Real Estate market in Toronto has been experiencing another hike in property price regardless of the pandemic and subsequent lockdowns. As per Toronto Regional Real Estate Board, in April 2021 over 13,000 homes were sold, compared to the previous year in April where just fewer than 3,000 properties were sold. This is a stark jump of 362% increase in property sales, despite the pandemic circumstances.

Home prices have been slightly dropping down month over month to now at an average of $1,090,000, which is still 33% year over year. Previously, sellers pulled out their investments from the market, however we’re now seeing stability and market conditions are coming back on track since the increase in vaccination rates. Currently, market prices of property have fallen by 0.6% from March, however, up by 33% annually. The cost of a detached home has increased by a growth rate of 41% year over year and the average sold price is currently at approximately $1,387,000. Additionally, townhouses have seen a 39% increase in price to an estimated $946,000 over the year. Semi-detached properties have appreciated by a 23% spike with the average price of $1,068,000.

Condo Units, however, have not appreciated from their pre-pandemic hike as it recorded a 20% year over year increase. This is because of the decline in condo prices property back in April 2020. Experts predict that there will be a big boom in the Real Estate industry post-pandemic, and supply and demand will work together to create solid monetary growth in the second half of 2021.

Current Housing Marketing Trend in GTA & Toronto.jpg

The increase in population growth in Toronto and GTA also increases the need for both ownership and rental housing demands. The cities that comes under With the increase in home demands and lack of supply, prices naturally increase, especially for single-family homes. With long-term work from home policies implemented, this has freed most of the Canadians from being bound to live near their offices. This means they can choose to live at a location of their choice. Consequently, this has resulted in an increase in people moving away to more affordable areas outside the city. Some of the popular cities among Canadians are: Thunder Bay, Welland,St.-Catharines,Niagara Falls, Fort-Erie.

Remote working has fueled homebuyers demands significantly, leading to the spike in the price of the properties in Toronto & GTA. With lockdowns and long-term restrictions, the appeal and amenities of the city are no longer consistent, therefore, encouraging people to move away from downtown area, into a more affordable living.

**What about the other cities of GTA? Read the Brampton, Oakville,Etobicoke Toronto, Caledon,Mississauga,[Markham.](https://dalemundi.com/ontario/Markham/)

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