Home sales in Toronto and Vancouver surged in January.
Activity in the condominium market led the way as Greater Toronto Area (GTA) home sales jumped 52.4% year-over-year in January when 6,928 homes traded hands, according to data from the Toronto Regional Real Estate Board (TRREB). The average selling price for all homes sold in the region in January rose 15.5% to $967,885.
While sales activity in the condo market nearly doubled from a year earlier, up 85.5%, there was some continued price weakness in the segment as average selling prices fell 4.7% in the month. However, TRREB highlighted that sales growth in condos is outstripping listings growth, which could support a price rebound if those conditions persist.
In contrast, there was no slowing down demand for detached homes, where sales volumes rose 34.4% and average prices were up 31.2% year-over-year in January. The detached segment has proven to be resilient during the pandemic, as city-dwellers in search of more square footage and a larger outdoor space helped support demand.
While 2020 was a turbulent year due to the pandemic, TRREB is expecting continued double-digit price growth for the immediate future. In a news release, TRREB said an economic resurgence post-vaccine and supportive demographic trends will likely push housing prices higher, with the real estate board expecting average home prices to surpass the $1-million mark for the first time ever in 2021.
Vancouver Sales
The Metro Vancouver housing market was also red hot in January, according to statistics from the Real Estate Board of Greater Vancouver.
Home sales in Vancouver totaled 2,389 units in January — a 52.1% increase from the 1,571 sales recorded over the same period in 2019, but a 22.8% decrease from the 3,093 homes sold in December 2020. However, the sales this January were 36.4% above the 10-year January sales average.
During January, there were 4,480 homes of all types newly listed for sale, which is a 15.7% increase compared to the 3,872 homes listed in January 2020, and an 86% increase from the 2,409 homes in December 2020.
The average price for all residential properties sold in Vancouver during January 2021 was $1.06 million, a 5.5% increase compared to January 2020 and a 0.9% increase compared to December 2020.
