TRREB’s Chief Market Analyst, Jason Mercer, stands in front of a view of the Toronto skyline and speaks to the camera.
The pandemic certainly resulted in some new trends in real estate, but it hasn’t put a damper on overall demand. For first-time buyers, a better-supplied condo market, particularly in Toronto and Peel, may present some opportunities. Market conditions for low-rise homes including detached houses remained very tight, with sales likely rising at a faster pace than listings. The average selling price for all home types combined will eclipse the one-million-dollar mark for the first time. Looking ahead, we’ll see more newcomers heading into the GTA following widespread vaccinations that will support continued demand for both ownership and rental housing. Over the longer term, the supply of listings will remain an issue, particularly in the low-rise market segments.