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The city of Toronto bounced back! The 2020 pandemic trend of a rising number of people buying homes outside the city was broken in December. Sales within the city showed an annual growth of 36.8% while GTA suburbs combined showed an annual growth of 23.6%. This was largely credited to rising condo sales in the city.
The average price continues to rise at $1,157,849 and sales declined at 6,031 for the month due to low inventory and the onset of winter.
“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. - TRREB Chief Market Analyst Jason Mercer.
Overall sales in 2021 were up by 28% compared to 2020, showing a need for more housing supply.
Here's a quick look at December 2021 numbers:
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Real Estate News:
1. Only 3,200 Homes Are Left on Toronto’s Market After Record Year | Bloomberg
The numbers will add urgency to a growing debate about how to address the cost of housing, which is fast spiraling out of reach for many working Canadians in the largest cities, regardless of whether they buy or rent.
2. A $500K Floating House In Toronto | BlogTO
Right now it's docked at the Bluffer's Marina but the listing notes that this home is "a fully registered vessel approved by Transport Canada".