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
Toronto housing market has stabilized
The 2018 Toronto housing market has been an exciting one, with ups and downs, we have stabilized through August. Here’s what the London Free Press has to say:
Toronto’s housing market kept its footing August as sales gained while prices were little changed, continuing to stabilize after a turbulent year.
Sales jumped 8.5 per cent to 6,839 in August from the same period a year ago, the Toronto Real Estate Board reported Thursday and were up 2 per cent on a seasonally adjusted basis from July. Average prices rose 4.7 per cent from a year earlier to $765,270 but benchmark prices, which measure the value of a typical home, fell 0.5 per cent from July to $764,800.
The housing market in Canada’s biggest city has been stabilizing over the past few months, following a sharp plummet earlier in the year after various government regulations were implemented to rein in prices. The market began to crack in April last year after a foreign buyers tax was put in place but has recovered much of the decline over the past few months.
“Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year,” Garry Bhaura, president at the housing board, said in a statement.
Detached homes lagged other housing segments in August, with the benchmark price dropping 1.9 per cent from a year ago to $914,900. Meanwhile, condo apartments led the price gains, jumping 9.9 per cent from last August to $505,500.
“Despite the fact the sales remain off the record highs from 2016 and 2017, many GTA neighbourhoods continue to suffer from a lack of inventory,” said Jason Mercer, TREB’s director of market analysis. “This could present a problem if demand continues to accelerate over the next year, which is expected.”
New listings were up 6 per cent from a year ago to 12,166. Active listings rose 8.8 per cent to 17,864, from 16,419 last year.
source: london free press
lead image: Ford Thurston
JUST SOLD! 150 East Liberty Street Suite 1013 – Liberty Village
What a beaut! This awesome 2 level loft in 150 East Liberty Street – Liberty Place has sold. Congratulations to our wonderful client and the buyer who will surely love this loft for years to come!
This two level condo is truly special with ample space for entertaining. The main level features a large front foyer, a beautiful kitchen with modern cabinetry, stainless steel appliances and a breakfast bar. The open concept living and dining area is spacious and filled with natural light. This space features a walk-out to the large south facing balcony where you can enjoy views of the lake and Liberty Village. There is also a powder room conveniently located on this level.
The second level includes a large den that is ideal for a home office.
The den leads into the spacious master bedroom which offers the same south facing views as the main floor. This level includes large closets and a wonderful master ensuite, plus the convenience of a laundry closet with a stacked washer and dryer.
This beautiful condo at 150 East Liberty Street is situated in the heart of Liberty Village.
The Village offers many great shops, restaurants, patios and bars all within walking distance. Underground parking is also included. This location allows for a quick drive to the financial district, the waterfront or to the Gardiner Expressway if you’re headed out of town for the weekend. Liberty Village is just minutes away from Toronto’s Entertainment District and world-class sporting venues such as Scotiabank Arena (formerly Air Canada Centre), BMO Field and Rogers Centre.
150 East Liberty Street features tons of wonderful amenities.
The amenities include a party room, fitness faciities and guest suites. Floor by floor, Liberty Place offers more with their lifestyle amenities. Two floors, dedicated to everything from working out to a detoxing steam, partying to escaping in a new book or surfing the net. The spaces are well-designed with comfort, convenience and your lifestyle in mind.
