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
JUST SOLD! 80 Hastings Avenue
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5 Things you can do today to increase your home’s value
Start Rollin’
One of the simplest, most cost-effective improvements of all is paint! Freshly painted rooms look clean and updated. When selecting paint colours, keep in mind that light neutrals appeal to the greatest number of people, therefore making your home more desirable. On average, a gallon of paint costs around $25, leaving you plenty of money to buy rollers, painter’s tape, drop cloths and brushes. So buy a few gallons and get rollin’!
Get Dirty
The power of curb appeal is real. Keep your lawn looking good with regular mowing and clean-cut edging. Low-maintenance landscaping saves you money now and adds value when you sell. It’s no question that shrubs and colourful plants will add curb appeal to any home, but when shopping at your local garden center, make sure that you “think green.” Purchase plants that are native to our region or plants that are drought-tolerant; these require less water and maintenance, which means more savings to you and more green in your wallet.
Swap ‘em Out
Kitchen and washroom renovations can easily cost thousands, so focus on the smaller, more manageable projects. Consider painting your old cabinetry to instantly brighten the space. Replacing the hardware will also make your cabinets look newer and more modern. The backsplash is another design feature that resonates with buyers. When choosing tile, stick with neutral tones and an unfussy design — white subway tile is classic for a reason.
Set the Mood
Nothing kills a mood faster than bad lighting, and if you want to show your home in the best light you will have to do exactly that! A quick and affordable fix is to install light-control dimmers on switches. Not only does this add drama and ambiance in areas such as the dining room and bedrooms, it is also good for energy efficiency. Lighting is particularly important in the bathroom, where it should be warm and bright. Keep lighting even around mirrors to prevent unwanted shadows when you are shaving or applying makeup.
Clean Up, Aisle 5
It seems obvious, but one of the most important things you can do to boost the value of your home is to clean it up. Remember that potential buyers want to see a blank canvas and picture themselves in it. Do a hardcore decluttering session and divide everything you truly don’t need or use into “donate,” “toss” and “sell” piles. With your “sell” items, throw a yard sale or post items on Kijiji to make some extra cash to fund your home improvement projects.
