2021 is going to be a record-breaking year for GTA real estate, but not in a good way for potential buyers.
According to a report from the Toronto Regional Real Estate Board, the overall average selling price for all homes across the GTA will rise above $1 million in 2021 — the first that's ever happened.
Average cost for a home in the GTA in 2021
In their 2021 outlook report, the TRREB said that the GTA's average selling price for all home types — detached, attached, condos and townhouses — will rise to $1,025,000, up 10% from 2020.
The board expects over 100,000 combined home sales to take place over the upcoming year, too, though that's only a "near-record" for the GTA.
“The pandemic certainly resulted in an unprecedented year for real estate in 2020, but it hasn’t put a damper on the overall demand,” said Jason Mercer, TRREB chief market analyst, in the report.
The report says last month's average home sale across the GTA came to $967,885, up 15% from this time last year.
And there were over 50% more home sales than in January 2020, too.
"This strong start to 2021 included sales growth across all major segments, including condominium apartments, both in the City of Toronto and surrounding GTA regions," according to the TRREB.