一个家庭的平均价格在多伦多了居st under $1 million
Real estate experts have been expecting the Toronto market to, in characteristic fashion, continue heating up this year despite the impacts of the pandemic, and so far, their predictions appear to be right.
With the average price of a detached home in the city climbing toa staggering $1.5 millionin the fall and prices continuing to growfar faster than household incomes, it's no wonder that Toronto was just namedone of the five least affordable citiesin the world, with the price of a residential property now, on average, just shy of $1 million.
According to February numbers from the Toronto Regional Real Estate Board (TRREB) compiled by local real estate salesperson Ivan Gorbadei, the average cost of buying any type of home in the city is $996,000.
GTA Real Estate summary table, for those who know what they are looking for exactly
— Ivan Gorbadei (@IGorbadei)March 1, 2021
I want to highlight how Sales part of the table is absolutely green and MOI is absolutely red
Another think is a strong return of Condo Apts, we'll discuss it below in details.#tore#onre#cdnrepic.twitter.com/Kscg30TC1A
Predictions for 2021made by the board last month stated that this figure will likely surpass $1 million in the GTA for the first time ever this year, reaching $1,025,000 at some point in 2021 — but with sales prices in Toronto proper already so close to that amount in February, that milestone may come even sooner than expected.
Home prices in other parts of Southern Ontario were even higher, at an average of $1,024,000 in Peel, $1,213,000 in Halton and $1,206,000 in York.
Average price:
— Ivan Gorbadei (@IGorbadei)March 1, 2021
1)For Toronto Detached houses we have extra $100k price gains compared to January.
2)Condos are making a huge comeback. I project positive YOY in March now, rather than April, as I was thinking previously.#onre#cdnre#onrepic.twitter.com/4mEq24mTa3
Breaking down last month's numbers by housing type, it seems that detached homes in T.O. are now going for about $1,683,000, while condos are averaging around $677,000, having made a quick recovery froma bit of a slumpthat saw prices for condo units actually fall year-over-year due to the health crisis.
Condo inventory levels have also returned to normal after months oflow sales volumesandhigh vacancy rates.
Remember those tweets and news media articles saying about Condo Apocalypse and Condogeddon with massive numbers of inventory for sale?
— Ivan Gorbadei (@IGorbadei)March 1, 2021
Forget it. Condo inventory is now PERFECTLY NORMAL!
56363 listings in Oct'20 and just 1836 now, four months later.pic.twitter.com/kQ4y1pWTpC
It's apparent that despite the widespread economic blow of COVID-19, the real estate market in locales as notoriously pricey and competitive as Toronto is pushing on unhindered, pricing out all those who don't have an annual incomein the high $100,000s.
Fareen Karim
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