Greater Toronto Real Estate Data (February 2021)

Greater Toronto real estate saw double-digit price and sales growth in February. Sales were up 52.5% year-over-year, with the Toronto Regional Real Estate Board (TRREB) logging 10,970 transactions. Average price rose 14.9% to $1,045,488. Overall, new listings were up 42.6% compared to February 2020, but sales are still outpacing any new supply coming on market.

Toronto has long been the hottest Canadian housing market, so while the continued growth in the 416 is certainly notable, it’s not entirely surprising. Then there’s the suburbs. Markets outside of Toronto really heated up in the wake of the pandemic, as homebuyers’ newfound flexibility due to remote work arrangements allowed them to look outside of the city core for homes offering more indoor and outdoor space with a lower price tag. Thus, real estate markets such as Halton, Peel and Durham experienced marked increases in sales and prices between 2020 and 2021, and the trend continues.