During a time when everyone is supposed to stay home and in lock down from past one year, more people seem to be looking for new homes to stay in. According to the Toronto Regional Real Estate Board’s latest press release, GTA Realtor’s have reported a 52.6 per cent increase in home sales during the month of February compared to 2020. House and Condo sales saw the biggest overall increase in both growth and volume, growing 63.3 percent within the City of Toronto and 66.7 per cent in the GTA. Throughout February, buyers in the city heavily favoured condos, purchasing a reported total of 2,167. GTA residents however, preferred detached homes and bought 4,028 over the course of the month.
Toronto Home Sales Are Up A Staggering 52.5% Over Last Year
Overall, -TREB- reports that a total of 10,971 homes were sold in February 2021, a large jump from just 7,194 in February 2020 despite higher average prices. It’s no secret that Toronto’s housing market is one of the world’s worst, so hopeful homeowners are taking advantage of lowered borrowing costs to finally nab a piece of property.
With an upcoming vacant home tax having been approved late last year, many are hoping that thousands of units will soon be entering the market for local buyers. Over two-thirds of condo investors have already said they plan to sell because of the tax as holding the property no longer becomes profitable. Should these investors look to sell in the coming year before the implementation of the new tax, we could expect to see the number of homes sold within Toronto continue to climb to new heights.
The pandemic has not stunted GTA resident’s appetite for owning a home. Once the economy opens further and immigration into the GTA resumes, there will be an even greater need for housing supply. While many young adults living in Toronto have considered moving away, it seems that there’s still endless demand for places to lay that – home sweet home- welcoming mat.
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