The year is flying by, it is already March and I am here to give you a brief update on what is happening in the world of residential real estate in the Greater Toronto area.  The market is very busy at the moment where demand is outpacing the supply.  Inventory of homes available for sale is now less than a month for all home types across the GTA.  If a further listing was not taken, we would be sold out residential real estate in about three weeks.  The continued demand has started to really drive prices, with the average price of a home in the GTA now crossing over the $1,000,000 mark, up 15% over February 2020.

The condominium resale market has also rebounded with the overall volume of trades up almost 65% compared to February last year.  Prices have remained down slightly as the condo market cooled during the last quarter of 2020 and inventory began to rise. However, as this inventory is absorbed, I would expect prices to begin to appreciate should demand continue at its current pace.

New home developments across the GTA have been selling well, we saw condominium and freehold developments released and then shortly sold out.  With limited availability in the resale market many buyers are considering something new.  There have been some great investment opportunities when it comes to real estate, I would be happy to discuss these with you, please contact me at your convenience.

Thank-you for listening, if you ever need or want a more specific, up to date, market analysis on your home please contact me, I am always happy to help.

I look forward to catching up soon….

Jennifer.