Toronto Home Prices Topping $1 Million As January Sales Surges 52%

Canada’s largest housing market got off to a roaring start this year, as Toronto home sales continued to surge in January, led by activity in the condo market.

Greater Toronto Area (GTA) home sales jumped 52.4 per cent year-over-year in the month, as 6,928 homes traded hands, according to data from the Toronto Regional Real Estate Board (TRREB). The average selling price for all homes sold in the region in January rose 15.5 per cent to $967,885. 

While sales activity in the condo market nearly doubled from a year earlier, up 85.5 per cent, there was some continued price weakness in the segment as average selling prices fell 4.7 per cent in the month. However, TRREB highlighted that sales growth in that category is outstripping listings growth, which could support a price rebound if those conditions persist.

In contrast, there was no slowing down demand for detached homes, where sales volumes rose 34.4 per cent and average prices were up 31.2 per cent year-over-year in January. The detached segment has proven extremely resilient during the pandemic, as city-dwellers in search of more square footage and a larger outdoor space helped support demand.

While 2020 was a turbulent year overall in the region’s real estate market due to the pandemic, TRREB is expecting continued double-digit price growth for the immediate future. In a release, TRREB Chief Market Analyst Jason Mercer said an economic resurgence post-vaccine and supportive demographic trends will likely push prices higher, with TRREB expecting average home prices will eclipse the $1-million mark for the first time ever in 2021.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at or inbox us at the FB page –
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething


Bài Liên Quan

Proverb of the Month – Của Ít Lòng Nhiều

Literal Translation: A modest gift given with all one’s heartEnglish Equivalent: It’s the thought that counts. The...

Ontario Pauses Enforcement of Residential Evictions as Stay-At-Home Order Takes Effect

The Ontario government has issued a pause on the enforcement of residential evictions after the province’s stay-at-home order took effect Thursday.

Welcome to spring, Canada! What will the weather be like for the next three spring months?

Winter has just officially ended, but most of Canada has already experienced the same temperature as spring. What can we expect the...

Coronavirus spread is slowing in Canada, but “we are not out of the woods yet,” PM Trudeau

Written by: Brandon Pham and Angelo Cruz During his daily news conference outside Rideau Cottage in Ottawa, Prime minister...

Social distancing circles: The future of public spaces?

With the summer season bringing in the hotter temperature, more people will want to go outside and spend time with friends.

Ontario Municipalities Facing Multi-Billion Dollar Shortfall in 2021, With No Emergency Funding in Sight

Ontario's municipalities are projected to face a combined $2.4 billion shortfall in 2021 due to the ongoing effects of the COVID-19 pandemic,...

A Yogi’s Guide to Wellness

Lisa Foster is a certified yoga teacher.  She teaches yoga to children and adults in Oakville, Ont.   

This content is also available in: Tiếng Việt