First month of 2021 is in the books. Here’s the breakdown.
As previously mentioned in December we are seeing the condo market start to tighten up. Inventory is selling and whatever “deals” were available in the fall months are quickly disappearing. Some units and buildings are seeing increased demand with plenty of showings and multiple offers on condos staged and marketed right. GTA now has 1.3 months of inventory down from nearly 4 months in the early fall. However when compared to January 2020 sales numbers, condo prices are down 6.4%. This is because the condo market was on fire to start the year Jan/Feb 2020.
That being said with inventory once again dropping and hopefully lockdowns lifted in the coming months we should see that reverse soon.
Freeholds on the other hand are up 15.2% from last Jan. Actual sales units of freehold homes up a whopping 66% . Inventory is low at 1.3 Months. Toronto itself continues to be competitive but what’s really pushing the numbers is the outer GTA and burbs. We are seeing price increases in places like Durham Region of 33%, Hamilton, Oakville, Halton are all up over 20% + appreciation.
This has skewed the overall GTA numbers. You can see the first slide shows only a 1% appreciation year over year. This is because condos are down and when you combine all house types appreciation falls.
Q1 will continue to be busy through the spring with low rates and plenty of new buyers starting to look, we should continue to see sales and appreciation rise for at least the next 3-6 months.
As always if you have any questions, would like to know your Months Of Inventory in your area or just want to talk real estate send me a DM.
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