It’s a new year and a new market, so we figured we’d switch up how we’re sharing the latest real estate statistics. Scroll down for our quick-an-dirty analysis!
Our thoughts on Toronto’s real estate statistics for January 2021:
- No surprise, the January stats reflect the craziness we’ve been seeing with our clients – the market is as red-hot as we’ve ever seen it. 🔥🔥
- Prices are WAY up – 15.5% higher than last January.
- While condo prices are technically down vs Jan 2020, that’s mostly because of the slow-down and price decreases we saw in the fall. The condo market came roaring back to life in Jan 2021 – in fact, condo sales were up more than 85% in January! The opportunity to negotiate has been replaced with the opportunity to win a bidding war strategically.
- REALTORS use ‘months of inventory’ as a gauge – how long would it take for ALL the properties listed for sale to sell? When ‘months of inventory’ is more than 4+ months – that’s considered a ‘Buyer’s market’, where Buyers are in charge. Current inventory in Toronto? 1.6 months. Sellers are firmly in charge.
Want more detail? Check out the full TRREB Market Watch report here.
What do we expect for February? More of the same.