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Real Estate Market Watch – February 2021

Posted by Thomas on March 5, 2021
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On this page, you can find VIP Condos Toronto’s summary of the Toronto Regional Real Estate Board (TRREB)’s February 2021 real estate market watch, with info on prices & trends in the region’s housing market. VIP’s report will provide information such as an overall real estate market outlook, updates & news from February 2021, and specific info on both condo and home prices in the GTA:

Monthly Market Watch - February 2021 - VIP Condo & home market real estate watch report

Sales & Average Price - february 2021 - vip monthly real estate market watch report - condos & homes update

 

Real Estate Market Watch: Residential Transactions

  • 10,970 residential home transactions took place in February 2021, up from 7,193 in February 2020 – an increase of 52.5%.
  • When seasonal adjustments are taken into account, there was a 15.9% increase in the number of purchases from January 2021 (11,719) to February (13,582).

February 2021 Real Estate News: Average Selling Prices

  • The average sale price for February 2021 was $1,045,488. This is an increase of 14.9% over February 2020, when it was $910,142.
  • With seasonal adjustments, prices saw a 2.3% increase from January 2021 (from $1,009,571 to $1,032,608).

 Monthly Market Update: New Listings

  • There were 15,137 listings available for February 2021, which is a 42.6% increase over February 2020 (when there were 10,618).
  • The sales-to-listings ratio has increased by 3% from February 2020, from 69% to 72%.

Real Estate Market Watch for February 2021: Days On The Market

  • The average property spent 19 days on the market, compared to 23 last year – a decrease of 17.4%.
  • Listings spent an average of 14 days on the market, which is a 17.6% decrease from this month last year (when they spent an average of 17).

 

Click Here To Read TRREB’s February 2021 Real Estate Market Watch Report for Both Homes and Condos

 

In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

  • How do I get my down payment?
  • Can I use my RRSP for my down payment?
  • How can I make the profits from my pre-construction purchases tax-free?
  • What type of home or mortgage can I afford?
  • Which incentives are available for first-time buyers?
  • What is a PDI?
  • What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA’s home & condo markets – both for February 2021 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2021.

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