Record GTA Home Sales and Average Price in 2021

TORONTO, Jan. 06, 2022 (GLOBE NEWSWIRE) — A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7 per cent from the previous 2016 high of 113,040 and up 28 per cent compared to 2020. Record demand last year was up against a constrained supply of listings, with new listings up by 6.2 per cent – 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 per cent 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,” said 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 per cent) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6 per cent). 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. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, have not been sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer.

In December, GTA REALTORS® reported 6,031 sales – a strong result historically, but still down by more than 1,000 transactions (-15.7 per cent) compared to the record of 7,154 set in December 2020. Over the same period, new listings were down by 11.9 per cent to 5,174. The MLS® Home Price Index Composite benchmark was up by 31.1 per cent year-over-year in December. The average selling price was up by 24.2 per cent annually to $1,157,849.

“On February 3, TRREB will release its latest Market Outlook and Year in Review report. The report will include survey results and research that will help us navigate 2022 and beyond. The findings will highlight the latest consumer polling on home buying intentions; joint research with the Toronto Region Board of Trade on the future of employment and work; plus an outlook for home sales, listings and pricing over the next year. This will be a must-read report for Members, consumers, housing market watchers, researchers and policymakers,” said TRREB CEO John DiMichele.

Summary of TRREB MLS® System Sales and Average Price December 1–31, 2021
  2021 2020
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,395 1,023,029 1,963 2,702 894,183 2,282
Rest of GTA (“905”) 3,636 1,246,654 3,211 4,452 955,429 3,588
GTA 6,031 1,157,849 5,174 7,154 932,297 5,870
TRREB MLS® System Sales & Average Price by Home Type December 1–31, 2021
    Sales    Average Price
    416 905  Total
 416 905 Total
Detached 567 1,870 2,437 1,698,178 1,568,583 1,598,735
Yr./Yr. % Change -12.9% -21.2% -19.4% 14.9% 33.3%  28.8%
Semi-Detached 154 347 501 1,342,429 1,109,424 1,181,046 
Yr./Yr. % Change -21.8% -11.3% -14.8% 15.7% 33.7% 25.6%
Townhouse 209 774 983 997,208  994,010  994,690
Yr./Yr. % Change -29.2% -21.3% -23.1% 18.3%  33.2%  29.4%
Condo Apartment 1,447 611 2,058 730,792 667,269 711,933
Yr./Yr. % Change -6.5% -4.7% -5.9% 16.8% 23.4%  18.5%
                     
December 2021 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All Types) Single-Family Single-Family Townhouse Apartment
  Detached  Attached    
TRREB Total 31.10% 34.26% 34.13% 27.52% 24.28%
Halton Region 31.72% 31.97% 36.43% 29.30% 21.83%
Peel Region 33.39% 36.98% 36.71% 28.50% 22.53%
City of Toronto 23.23% 24.88% 21.42% 18.44% 23.52%
York Region 36.16% 36.24% 39.10% 33.86% 31.47%
Durham Region 42.33% 42.35% 43.84% 41.90% 32.45%
Orangeville 32.61% 31.61% 31.25% 46.67% 20.96%
South Simcoe County1 37.83% 39.54% 44.66% 41.35% 33.83%
Source: Toronto Regional Real Estate Board  
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth  
Year-to-Date Summary of TRREB MLS® System Sales and Average Price December 2021
  2021 2020
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 43,518 1,056,707 63,060 31,819 986,109 61,043
Rest of GTA (“905”) 78,194 1,117,051 103,533 63,247 901,224 95,762
GTA 121,712 1,095,475 166,593 95,066 929,636 156,805
YTD TRREB MLS® System Sales & Average Price by Home Type December 2021  
  Sales Average Price
  416 905 Total 416 905 Total
Detached 11,482 43,275 54,757 1,718,277 1,364,806 1,438,926
Yr./Yr. % Change 18.2% 18.2% 18.2% 16.2% 28.4% 25.1%
Semi-Detached 3,909 7,181 11,090 1,299,260 957,653 1,078,062
Yr./Yr. % Change 25.2% 20.3% 22.0% 11.4% 23.7% 18.6%
Townhouse 4,733 16,197 20,930 942,624 866,179 883,466
Yr./Yr. % Change 33.1% 25.8% 27.4% 12.7% 22.5% 20.2%
Condo Apartment 23,123 10,668 33,791 713,886 610,408 681,218
Yr./Yr. % Change 51.7% 53.3% 52.2% 5.9% 14.7% 8.2%
Source: Toronto Regional Real Estate Board
Seasonally Adjusted TRREB MLS® Sales and Average Price1  
         
  Sales Month-over-Month % Change Average Price Month-over-Month % Change
December ’20 11,062 20.1% $970,320 0.5%
January ’21 11,484 3.8% $1,005,300 3.6%
February ’21 12,743 11.0% $1,029,654 2.4%
March ’21 13,096 2.8% $1,086,917 5.6%
April ’21 10,755 -17.9% $1,050,365 -3.4%
May ’21 9,882 -8.1% $1,063,778 1.3%
June ’21 9,046 -8.5% $1,065,477 0.2%
July ’21 8,907 -1.5% $1,078,717 1.2%
August ’21 8,707 -2.2% $1,106,234 2.6%
September ’21 8,797 1.0% $1,129,011 2.1%
October ’21 9,758 10.9% $1,147,304 1.6%
November ’21 9,487 -2.8% $1,176,682 2.6%
December ’21 9,465 -0.2% $1,206,444 2.5%
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment    
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

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