Confidence is rising while inventory plummets

The news for February isn't new: the market is still hot. For houses, that trend has been constant since mid-2020. But for condos, the pickup in transactions we saw in January has only accelerated. It's pretty competitive out there: houses in the 416 and the 905 keep setting records right and left, and condos have started seeing offer dates and bidding wars again, with bully offers on the rise.

Total residential transactions in the GTA have skyrocketed: February numbers were 16% higher than January and a spectacular 52.5% higher than February 2020. Average selling price is up by 15%, and while we're seeing significantly more listings coming to the market (42.6% year-over-year), demand has risen to meet the supply. The sales to new listings ratio is now at 72%, putting us firmly in a sellers’ market. Buyers are competing for fewer properties, so unsurprisingly, the average number of days a listing stays on the market is down by 17. 6% as listings move faster and faster.

GTA condos are moving again

If you look specifically at the condo market, we continue to see growth in sales which are up by 64% within the GTA in comparison to last year with the similar increase rates in the 416 and 905. The growth continues to outpace the new condo listings in Toronto and quite possibly around the mid to latter parts of the year we'll see a renewed price growth for this segment.