January 2021 home sales amounted to 6,928 – up by 52.4% compared to January 2020. This strong start to 2021 included sales growth across all major segments including Toronto condos and lofts.
New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
The average selling price for January 2021 was up by 15.5% to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9% over the same period.
Price growth was driven by the low-rise market segments, while the average condo and loft price was down in Toronto. However, if we continue to see condo and loft sales growth outstrip condo and loft listings growth, we could start to see renewed growth in condo and loft prices in the coming months.
“Toronto’s Luxury Real Estate Authority”