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Toronto Real Estate Board Marketwatch Report
There were 10,970 home sales in February 2021 which was a 52.5% increase over February 2020 at 7,193 sales. This strong start to 2021 was across all major segments including condo apartments, both in the City of Toronto and surrounding GTA regions. The condo apartment segment led the way with 64% sales increase compared to last year this included both the 416 and 905 area codes.
New listings were up 42.6% at 15,137 compared to 10,618 in 2020. Market conditions again tightened in February with sales increasing at a faster pace than new listings. This is especially in the detached, semi-detached and townhome market. Improved economic conditions, extreme low borrowing costs and pent up demand have been fuelling the market. .
Average sales price in February 2021 was up 14.9% from $910,142 in February 2020 to $1,045,488 in February 2021.
Days on the market were 14 in February 2021 compared to 17 in February 2020.
Again, sales activity was extremely strong in February due to low inventory and record low interest rates.
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