Average GTA Home to Sell For $1 Million by End of 2021
With a booming winter season, particularly in the home reselling market, the report for the beginning of 2021 shows home prices up 15.5% since early 2020. This reflects strong improvement in many aspects of economic recovery, particularly white collar jobs - many of them, home buyers. Accordingly, the Toronto Real Estate Board expects to see continued growth: a 10% increase in the average price of resale homes. With these current and expected boosts in real estate sales success, it’s a great time to be newly-renovated and on the market!
The 1 million dollar mark, which includes condo sales, will be a historic high for Toronto-area real estate. Boosted to date by record low interest rates, the outstanding market is expected to remain strong due to increases in immigration as the year continues. Given this, and the economy’s positive outlook, experts have judged the possibility of any serious market corrections as extremely limited.
Still, how is the condominium aspect of the GTA market faring? Not quite as hot. Prices and rents are expected to remain flat throughout the year, with more people interested in selling than buying condos
All the new changes in real estate are easily visible in recent Ipsos polling. 64% of homeowners bought earlier than expected due to the pandemic; detached home appeal is up 4%, while those interested in condos are down 7%. The regions around Toronto, like Mississauga, Oakville and Oshawa, have growing appeal, while Toronto housing has gone down 7%.
2021 is forecasted to be a watershed year for the Canadian housing market, and a boon in particular to those with recent home renovations, looking to now sell their homes. For a stunning home remodelling which will have you sell in under a month, well below asking - join the Georgian Design Build Waiting List. Your personal Design Consultation with us will be completely free.