TORONTO • GTA • MUSKOKA
Real Estate Market Update Overview in Toronto, Greater Toronto Area and Muskoka. A record 121,712 sales were reported through Toronto Real Estate MLS® System in 2021 – up 7.7% from the previous 2016 high and up 28% compared to 2020. Record demand last year was up against a constrained supply of listings, with new listings up by 6.2 percent – a lesser annual rate than sales. The result was extremely tight market conditions and an all-time high average selling price of $1,095,475 – an increase of 17.8 percent compared to the previous 2020 record of $929,636.
“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for ground-oriented homes, but also a resurgence in the condo segment as well”TRREB President Kevin Crigger.
One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for homes within the City of Toronto. Overall sales in the “416” area code were up by a substantially greater annual rate (+36.8 percent) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6 percent). The marked recovery in the condominium apartment segment was a key driver of this trend.
“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. “
MUSKOKA REAL ESTATE OVERVIEW
•December 2021 Residential Sales -14% on non-waterfront properties and -40% on waterfront listings year over year.
•Sales in the Condo sector remained unchanged in the non-waterfront sector and down -62% in the waterfront sector this December over last
•New Listings coming to market are still slow, continuing the Seller’s Market environment with less choice for Buyers this December over last
•New Residential Listings are down -8% on non-waterfront properties and -37% on waterfront properties compared to December 2020.
•Listings priced competitively continue to sell between 15-64 days on market. (median figure)
•Average Residential sale price was up 43% (non-waterfront) and down -6%(waterfront) year over year