Hi there and thanks for stopping by! For those of you that don’t know me, I am Danielle Demerino, a Toronto realtor setting out to help my clients’ live their dreams. Find that dream home they have longed for. As most of you know, this has been a crazy year for real estate with regards to pricing and inventory. I’m here to give you a summary of what happened last month in the world of residential real estate in Toronto and the surrounding areas!
As we all know, there is a ton of action right now. Real estate agents are busy busy busy. The housing demand is outpacing the housing supply. There is a little less than one months’ worth of inventory across the GTA. To put this into perspective, if no more homes were listed on the market, we would be sold out of real estate for all types of homes across Toronto and surrounding areas within three to four weeks. Normally that number is closer to three or four months. The increasing demand for Toronto real estate has driven prices up incredibly with the average price of a home in the GTA sitting at $1,000,000 which is up 15% when compared to February 2020.
Let’s talk about the condo market. We are seeing that the condo resale market has rebounded with transactions up almost 65% compared to February 2020. Condo prices are still slightly down due to the market cooling in the the last quarter of 2020 due to the pandemic and we watched inventory soar. We expect to see prices rise as the inventory is absorbed.