Uh oh, the average GTA home price expected to be over $1M for the first time ever this year

Folks hoping to buy a home in the Greater Toronto Area will have to reach a little deeper into their pockets this year. For the first time ever, the Toronto Regional Real Estate Board is estimating the average GTA home price will be more than $1 million. Yikes.

To be exact, the TRREB says we should see an average selling price of $1.025 million by the end of 2021. Which is, of course, a significant increase from the average of $929,692 the area saw in 2020. They expect sales to reach a high of around 105,000, with new listings coming in at 160,000 for the year. In 2020, we saw 95,115 sales and 156,755 new listings.

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So what’s the reason for the increase? As you can probably guess, it’s partially the pandemic. Along with the usual inflation the real estate market sees each year, recent months have brought forth unexpected changes. It seems that the supply of listings isn’t keeping up with the demand, which drives the prices up.

Home sales in the GTA have been steadily increasing. In December, the number of sales went up 52%. Then in January, it continued to climb.

The TREEB predicts that as COVID-19 comes to a close, we may see an increase in homes on the market. This would open up supply a bit, although it’s still like that market prices will continue to rise.

For more details on the Toronto Regional Real Estate Board’s GTA home sale predictions, head to the official website here.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