Toronto home sales volume hits all-time high in 2021

TORONTO — A resurgence in demand for homes in Toronto contributed to record residential real estate sales and prices in 2021 despite a decline in December.

The Toronto Regional Real Estate Board said Thursday a record 121,712 homes were sold through its MLS system last year, up 28% from 2020 and 7.7% above the peak. previous of 2016 of 113,040.

The average sale price reached a high of $1.095 million, up 17.8% from the previous year’s peak of $929,636 as new listings failed to keep pace with sales.

“Despite the continued waves of COVID-19, demand for owned accommodation has maintained a record pace in 2021,” said TRREB Chairman Kevin Crigger.

He said job creation and rock-bottom borrowing costs helped boost sales.

“These factors supported not only a continued demand for ground-oriented homes, but also a resurgence in the condo segment.”

Overall sales in the City of Toronto’s ‘416’ area code jumped 36.8% on demand for condos, while sales in surrounding GTA suburbs rose 23.6% %.

“Tight market conditions prevailed across the GTA and the Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result has been intense competition among buyers, driving sales prices up double digits year over year,” added TRREB Chief Market Analyst Jason Mercer.

He said the only way to moderate price growth is to add housing supply, as history has shown that additional taxes on primary residences and foreign buyers have not been solutions.

Sales in December fell 15.7% to 6,031 from the record of 7,154 set in December 2020.

Average sale prices rose 24.2% to $1.16 million as new listings fell 11.9% to 5,174.