Toronto Real Estate Monthly Market Report February 2021
“My father was often impatient during March, waiting for winter to end, the cold to ease, the sun to reappear. March was an unpredictable month, when it was never clear what might happen. Warm days raised hopes until ice and grey skies shut over the town again.”
– Tracy Chevalier
And so it goes during March in Toronto. On the positive side March is the month that gives us the hope of spring.
As for the Toronto Real Estate Market…
February was a very busy month for us. While working on several transactions, Anita and I were thrilled to help a young couple buy their first house. Despite having a limited budget and very few listings on the market from which to choose, we were able to find them the perfect home. As is quite normal these days, we faced heavy competition with multiple offers of 20 or more on the table each offer night. It’s not unusual for buyers to miss out repeatedly before winning a deal. But through perseverance and our clients’ trust in our guidance, after a few tries, we were successful. Our clients are ecstatic!
The long and the short: Across the GTA, the trend toward record-breaking prices continued in
February in the freehold market. Low inventory and historically low interest rates fueled the burn. The consensus, the pent-up demand accumulated through most of last year, unleashed in January and February, resulting in an upward run on prices and elevating the average home price in Toronto to $1,000,000!
As I said before, there are clouds on the horizon. Inflation is creeping up, and we see spontaneous activity in the bond markets. These market shifts could translate into higher borrowing costs for home buyers. How much this will impact the market remains to be seen and may only be temporary. What we do know is that the seemingly relentless pace of the Toronto real estate market continues to make prognosticators nervous.
The Good News:
The present real estate market offers exciting opportunities in all segments. Whether you are looking to buy your first home or upsize, low interest rates make the prospect more affordable than ever. For those looking to downsize, this seller’s market ensures a very favourable sale price outcome.
Are you looking to invest in a condo? Condo prices have continued to be healthy with relatively good inventory, keeping price increases modest.
The best news of all is for those looking to lease a condo. The pandemic has eroded rent rates across the GTA, and they continue to drop, for now, making this an excellent time for tenants.
If you’re considering buying or selling:
Get in touch! – we have the experience and expertise you need.
Our track record is 100%. We’ll get it sold at the highest price in the shortest time – GUARANTEED!
Let’s Talk About Your Next Move!