Highlights and Predictions: Toronto Regional Real Estate Board's Annual Market Report - February 11, 2021

Excerpts from the Toronto Regional Real Estate Board’s Market Year in Review and Outlook 2021 Real Estate Sector Driving Our Region’s Economic Stability Through and Beyond COVID-19

 

 

Some Report Highlights

This year’s report focuses on how real estate is driving economic stability during the unprecedented challenges of the COVID-19 pandemic. The real estate market has, and will, continue to be a major driver of recovery. On average, every MLS® System home sale results in over $68,000 of spin-off expenditure along with the associated jobs and government revenues. That’s billions of dollars benefitting the economy.

The first quarter of 2020 started off strong until the pandemic hit in mid-March followed by the province-wide shutdown, which resulted in historical low market activity. However, sales growth quickly rebounded in the latter half of the year, which is a testament to the resilience and flexibility of the regional economy and population.

Home ownership will remain strong in 2021. Looking ahead, total home sales are expected to range between 100,000 and 110,000. In addition, the overall average selling price for all home types and areas combined will eclipse the $1,000,000 mark for the first time. Ipsos conducted consumer surveys for TRREB regarding home buying and selling intentions for 2021. The key findings show COVID-19 has not dampened future home buying intentions.

To read the full report, click here http://market-year-in-review.trrebwire.ca/. 

Bottom Line

The market continues to remain strong and all key statistics indicate that 2021 will be a good time to buy (low interest rates) and a good time to sell (low inventory). If you are thinking of making a move, call me (416-522-1112) for to set up a time to discuss your specific need and to learn more about our unique consumer program guarantees that reduces any risk that homebuyers and sellers may face.

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