TRREB Market Watch – February 2021 Stats
Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.
GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.
“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.
The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.
“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.
How to Be a Good Neighbour While Social Distancing
As Covid-19 sweeps its way through our cities and neighbourhoods, we’ve also seen acts of kindness emerge in its wake. From cities and countries pulling together to weather the economic storms ahead, to online communities offering support for individuals, families, students, homeowners, renters, business owners, employees, those looking for work, and those trying to manage their day to day in this new environment. Staying connected to your community while respecting the rules of social distancing is totally possible. Here are some ideas for being a good neighbour while social distancing.
Check in. This could be especially impactful for your elderly or otherwise vulnerable neighbours. They may not be able to run important errands such as getting groceries and medications, or they may be emotionally fragile and might benefit from a friendly check-in from time to time. Reach out to your soon-to-be “next-ies” by leaving a note that includes your phone number, email address and an offer to drop some groceries off on their porch steps.
Join an online group. Apps like Facebook, Slack, WhatsApp and Zoom are simple to use and can help fill the void left by social distancing. Join an online community of neighbours, a local parents’ group, or like-minded hobbyists. Meet at regularly scheduled days/times, much like you might in person, to connect and “chat” with folks who are facing similar worries and wins.
Don’t hoard. Social distancing dictates that people should only leave home for essential errands. While out on your limited outings, stock up on enough groceries that you won’t have to go shopping again in a couple of days, but be mindful of other people’s needs. Canada is not currently experiencing a shortage of toilet paper, canned good or anti-bacterial hand soap – aside from the scarcities caused by hoarders.
Shop online, shop local. Many small businesses are struggling to stay afloat. When ordering your groceries, food delivery or other items online, consider buying from a local business.
Give what you can. Many local homeless shelters, food banks, animal shelters and other non-profits are still operating, so consider donating extra supplies or money if you can spare it. If you’ve already paid in advance for piano lessons, dance classes or a child’s school excursion, rather than requesting a refund, consider leaving that money with the organization/service provider as a donation instead.
Stay informed. Don’t get swallowed up by all the doom and gloom, and ensure you’re getting your news from credible sources.
Practice good hygiene. Wash your hands with soap and water for 20 seconds. Use hand sanitizer. Cough and sneeze into your sleeve. Tissues are a single-use item. And for the love of Pete, don’t touch your face! This is all fairly basic stuff that we’ve all heard from Mom every time cold and flu season rolls around. Furthermore, clean frequently touches surfaces and of course, maintain a safe distance if you must be in contact with anyone.
And last but certainly not least…
Stay home! In order to flatten the curve, government and public health agencies are strongly urging the public to stay home. Have a hankering to go shoot some hoops at the park? Stay home. Feel like stopping by a friend’s place, just to say “hi”? Stay home. Need to quickly drop off a gift for Grandma’s birthday? Stay home. Not feeling well or have you recently travelled? Stay home. Have you been in close contact with someone who has recently travelled or isn’t feeling well? Stay home. The longer we ignore the rules of social distancing, the longer we’ll have to do it.
It’s possible to be a good neighbour while social distancing. In fact, staying away from your neighbours is the best thing you can do right now. Technology has come a long way, allowing us to stay connected with those near and far without ever leaving the safety of home.
Source: blog.remax.ca
Hearn Generating Station Just Sold For 16 Million
It was only two summers ago that Toronto’s long-abandoned R.L. Hearn Generating Station burst back into life for the 10th anniversary of Luminato.
Thousands flocked to the decommissioned power plant, which was shut down in 1983, for 10 days of wild art installations and performances in a specially built 1,200-seat shipping container theatre.
Those lucky enough to score tickets got to dine in the generator’s old control room, which had been transformed into one of the coolest French restaurants Toronto had ever seen for the occasion.
Simply stepping into the massive, hollowed out heritage building — an iconic fixture along the skyline Toronto’s eastern waterfront — was enough to thrill most people, and for good reason.
The Hearn is spectacular, inside and out, and many in the city had hoped to see more huge-scale, public events staged there (you know, after the building was brought up to meet the safety standards of Toronto Fire Services).
No dice.
The provincially-owned Ontario Power Generation (OPG) announced this week that has sold sold the entire site, which produced electricity from 1951 to 1983, to Studios of America Corporation for $16 million.
Studios of America, which had been leasing the property from OPG since 2002, maintains the Unwin Avenue property as an “enclosed feature film and TV production complex.”
Mayor John Tory and Toronto city councillor Paula Fletcher both told The Star on Thursday that they were not consulted on the sale, or even aware that it was happening.
“This is a sad day for the waterfront,” said Fletcher, who had hoped to redevelop the site for public use.
“This is an iconic landmark building that should remain in public hands and be part of our new waterfront, and, instead, it has been sold for a song.”
So why the fire-sale price?
If you ask OPG, it’s at least in part due to the former coal-burning site’s status as a heavily contaminated industrial brownfield (though other, more nefarious theories are floating about).
OPG pokesperson Neal Kelly told the star that conditions of the sale included Studios of America not being able put residential or other “sensitive uses” on the site within 15 years. The company is also forbidden from reselling the Hearn within three years.
Disappointed as the city may be, its possible that Studios of America will still rent the space out for special occasions.
“The studio lot is located on a strategic 27.6-acre parcel of Toronto waterfront land with direct multi-modal road, rail and water access,” reads President Paul Vaughan’s Linkedin profile in a description of the company.
“Accommodations originally intended for film production have become popular for staging indoor and outdoor special events.”
Source: BlogTO
Lead Photo: Hector Vasquez
Additional Photos: Ford Thurston
JUST SOLD! 80 Hastings Avenue
SOLD! We’re so happy for our awesome clients who just sold their detached home in Leslieville. Thinking about buying or selling? Let’s chat!
www.80Hastings.com
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