March 2021 Durham Region Market Watch
GTA REALTORS® RELEASE JANUARY 2021 STATS
• January 2021 home sales amounted to 6,928 – up by more than 50 percent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
• New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
• The average selling price for January 2021 was up by 15.5 percent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 percent over the same period.
• Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.
List - Sell - Buy your bungalow with Jim
CALL TODAY FOR A Free Market Evaluation!
Office - 905-434-2022 Direct 905-409-9967
Click onto the link below for bungalow listings in your desired area.
DURHAM REGION / CLARINGTON BUNGALOWS
PORT HOPE and COUBORG BUNGALOWS
#BungalowJim #BungalowDen #AjaxBungalows #PickeringBungalows #WhitbyBungalows #OshawaBungalows #CourticeBungalows #BowmanvilleBungalows #LuxuryBungalows #PrinceEdwardCountyBungalows #NorthumberlandHillsBungalow #TrentonBungalows #PeterboroughBungalows #KawarthaBungalows
Looking back on 2020, it is definitely one for the record books. It was a tough year and some days were harder than others that’s for sure, but there was a silver lining in 2020. Communities seemed to come together and we got to know our neighbours a little better. We all owe a debt of gratitude to the front line workers, health care providers, sanitation crews, grocery store clerks, delivery drivers and everyone who served the community throughout the year. We must also continue to support all the local businesses as they make it through these tough times.
If we think back to March of last year most people were not predicting the real estate market to do this well and many predicted the complete opposite. I guess hindsights 2020. We now know that while the pandemic has wreaked economic havoc on some, for others it has had the opposite effect. This opportunity for some to save, the extremely low cost of borrowing and the emerging trend of working remotely has fuelled the market. Couple this with the low inventory of homes and boom prices go up. There doesn’t seem to be any major changes coming, so I anticipate the upward trajectory to continue, at least through the first half of 2021. If we can vaccinate enough of the population where we start seeing service, entertainment, tourism and immigration returning, then look for the condo segment to start bouncing back as people move back into the cities core, which may help to balance the market later in the year.
Highlights from 2020 reported by TRREB.
We have been working on some exciting things for 2021 and are looking forward to helping our clients acheive all of their real estate goals this year. Stay safe and please feel free to reach out if you have questions or are looking at making a move this year.
Best regards,
The JSA team
.png)