Real Estate Market Update For January 2021

Durham Region continues to steal the spotlight for its incredible growth throughout the beginning of 2021. In comparison to January 2020, the average home price for all home types was up 33.6%. What’s even more compelling? The average price of a detached home in Durham clocked in just shy of $1M at $988,372. To put that in perspective, that figure was $722,822 at this time last year.

North of City, York Region is continuing to see strong growth with the average price of a detached home up 35.1% in a year-over-year comparison. In central Toronto, detached homes, semis and towns are seeing steady pricing gains of 4.7-19.2%. In the west end, the average days on the market are slightly higher but pricing is still holding strong with detached homes up 18.2%. Lastly, in Toronto East, townhomes saw the steepest increase in average sales price over other home types with a 29.3% increase year-over-year.

 

Durham Region

 

Pickering

 

Ajax

 

Whitby

 

Oshawa

 

Clarington

 

Current stats aside, here are some ongoing trends that we’re continuing to keeping our eye on:

1. Lack of inventory: Pricing increases throughout 2020 and January 2021 have been driven by a competitive market that was fuelled by a lack of inventory. As we move towards the spring market and changing public health restrictions, we’re keeping a close eye on the number of homes hitting the market.
2. In-person showings: While the lockdown is expected to end in the GTA over the next few weeks, we will continue to see some COVID protocols remain in place which will impact how we show homes.

Homes are hitting record prices but they won’t sell themselves. Are you ready to realize your home’s true potential? We can help. Give us a call today!