Toronto Housing Market Report

WOWA Trusted and Transparent
Market Report Summary
Updated April 6th, 2021
  • Home sales in Toronto broke new record highs for March with 15,652 homes sold, a 95% increase from March 2020
  • Average sold prices increased by 22% year-over-year to $1.09M
  • Detached home prices increased by 27% year-over-year to $1.40M
  • Semi-detached home prices increased by 18% year-over-year to $1.04M
  • Townhouse prices increased by 32% year-over-year to $952K
  • Condo apartment prices increased by 3% year-over-year to $676K
  • Housing inventory continued to decline to an average of 1.4 months

Toronto Housing Market Overview

Data for March 2021
Avg. Sold Price:$1,097,565
All Property Types:$1,097,565
Detached:$1,402,849
Semi-Detached:$1,045,519
Townhouse:$951,984
Condo Apartment:$676,052
Transactions (Buy/Sell):15,652
All Property Types:15,652
Detached:7,577
Semi-Detached:1,479
Townhouse:1,482
Condo Apartment:3,821

Toronto's real estate market broke new records this month as home sales increased by 95% year-over-year to 15,652. Despite breaking $1 million only a month ago, average sold prices are now almost at $1.1 million. Decreasing housing inventory, increasing mortgage rates, and the (temporary) relaxation of lock downs have fueled incredible demand for properties in the GTA.

Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Average sold prices reached $1.09 million this March, a 22% increase year-over-year. This growth in prices has been mainly isolated to surburban and freehold properties. Prices of detached and semi-detached homes reached $1.4 million and $1.04 million, respectively, a growth of 27% and 18% compared to March 2020. Townhouse prices, just barely under the $1M limit for CMHC insurance, have grown by 32% year-over-year to $951K as buyers compete for the few remaining properties on the market. In contrast, prices for condo apartments have barely increased over the past year with a 3% increase (even considering the temporary COVID-19 downturn) to $676K.

In terms of home sales, buying activity has broken new records as home buyers look to lock down properties before mortgage rates increase. Sales of detached homes and semi-detached homes increased by 102% and 97% year-over-year, respectively. Sales of condos are also almost double last year levels with a 90% increase from March. 2020. While current activity is extremely high, we caution against taking these figures at face-value due to the initial impacts of COVID-19 during March 2020.

A better measure of housing demand is housing inventory. Homes continue to be scarce across the GTA, driving prices higher as buyers compete for a limited number of sellers. With strong promises of stimulus from the Liberal government, including a revamped First-Time Home Buyer program and direct handout programs and promises of a continued low-interest environment by the Bank of Canada, there are significant tailwinds for the future of the GTA real estate market.

The dual-edged sword of rising mortgage rates has also created a new dynamic in Toronto's housing market. In the short-term, buyers are rushing to purchase and lock down their mortgages before mortgage rates rise any further. In the long-term, higher mortgage rates will decrease the purchasing power of available buyers.

Other housing markets in Canada have also experienced similar growth. Ottawa's housing market continues to surge to all-time-highs and Vancouver real estate has returned to year over year growth.


Home Prices in Toronto

Single-Family Detached Home Prices in Toronto

Statistics for March 2021
Average Price: $1,402,84926.6% from Mar. 2020
Units Sold: 7,577101.5% from Mar. 2020
New Listings: 11,47156.5% from Mar. 2020

Semi-Detached Home Prices in Toronto

Statistics for March 2021
Average Price: $1,045,51917.5% from Mar. 2020
Units Sold: 1,47996.9% from Mar. 2020
New Listings: 2,11768.1% from Mar. 2020

Townhouse Prices in Toronto

Statistics for March 2021
Average Price: $951,98432.0% from Mar. 2020
Units Sold: 1,4826.8% from Mar. 2020
New Listings: 2,32381.8% from Mar. 2020

Condo Prices in Toronto

Statistics for March 2021
Average Price: $676,0522.6% from Mar. 2020
Units Sold: 3,82189.7% from Mar. 2020
New Listings: 4,889

Toronto Housing Market Statistics for All Property Types

Data for March 2021
$1,097,565
Avg. Sold Price
5%
Monthly change
18%
Quarterly change
22%
Annual change
15,652
Transactions (Buy/Sell)
43%
Monthly change
118%
Quarterly change
95%
Annual change

Average Sold Price and MLS HPI Average Sold Price

Total Transactions

Property Type Distribution

Top Real Estate Agents in

Loading
Loading

Free Home Value Estimator

Property Type
Condo Apt.Condo Apt.
Condo TownhouseCondo Townhouse
Detached HouseDetached House
Semi-DetachedSemi-Detached
Your Home's Address
Loading...
Your Annual Property Tax in 2020
/year
Powered by the WOWA Home Valuation API

Housing Markets Across Canada

ONQCMBSKABBCToronto Housing MarketVancouver Housing MarketHamilton Housing MarketMontreal Housing MarketOttawa Housing MarketEdmonton Housing MarketCalgary Housing Market

Market Overview for Detached Homes

Data for March 2021
$1,402,849
Avg. Sold Price
2%
Monthly change
13%
Quarterly change
27%
Annual change
7,577
Transactions (Buy/Sell)
53%
Monthly change
149%
Quarterly change
102%
Annual change

Average Sold Price

Transactions


Market Overview for Semi-Detached Homes

Data for March 2021
$1,045,519
Avg. Sold Price
-0.5%
Monthly change
11%
Quarterly change
18%
Annual change
1,479
Transactions (Buy/Sell)
51%
Monthly change
150%
Quarterly change
97%
Annual change

Average Sold Price

Transactions


Market Overview for Townhouses

Data for March 2021
$951,984
Avg. Sold Price
1%
Monthly change
9%
Quarterly change
32%
Annual change
1,482
Transactions (Buy/Sell)
40%
Monthly change
135%
Quarterly change
7%
Annual change

Average Sold Price

Transactions

Ontario Lic. #13115

Market Overview for Condo Apartments

Data for March 2021
$676,052
Avg. Sold Price
5%
Monthly change
13%
Quarterly change
3%
Annual change
3,821
Transactions (Buy/Sell)
23%
Monthly change
74%
Quarterly change
90%
Annual change

Average Sold Price

Transactions

Top 1% Listing Agents in

Loading
Loading

Greater Toronto Area (GTA) Breakdown by Region

Data for March 2021
City
Average Sold Price
Total Transactions
#1City of Toronto$1,083,3225,130
#2Toronto West$1,033,8731,295
#3Toronto Central$1,140,6362,567
#4Toronto East$1,017,7931,268
#5Halton Region$1,245,0621,647
#6Burlington$1,099,362453
#7Halton Hills$1,142,512159
#8Milton$1,037,207427
#9Oakville$1,526,414608
#10Peel Region$1,061,0153,185
#11Brampton$1,026,2551,599
#12Caledon$1,370,770175
#13Mississauga$1,061,9881,411
#14York Region$1,265,4812,911
#15Aurora$1,297,003187
#16East Gwillimbury$1,182,663129
#17Georgina$848,704195
#18King$1,936,59673
#19Markham$1,287,951699
#20Newmarket$1,098,826276
#21Richmond Hill$1,362,296484
#22Vaughan$1,288,418723
#23Whitchurch-Stouffville$1,292,505145
#24Durham Region$901,3222,077
#25Ajax$976,065298
#26Brock$736,49434
#27Clarington$827,477400
#28Oshawa$779,325580
#29Pickering$1,029,662245
#30Scugog$1,007,28748
#31Uxbridge$1,236,18455
#32Whitby$970,097417
#33Dufferin County$808,540114
#34Orangeville$808,540114
#35Simcoe County$924,585588
#36Adjala-Tosorontio$1,127,50934
#37Bradford West Gwillimbury$1,029,171140
#38Essa$801,98773
#39Innisfil$918,670174
#40New Tecumseth$855,348167
#41Toronto W01$1,259,29782
#42Toronto W02$1,322,256134
#43Toronto W03$1,039,32991
#44Toronto W04$893,511138
#45Toronto W05$851,846152
#46Toronto W06$909,261228
#47Toronto W07$1,546,45039
#48Toronto W08$1,195,255248
#49Toronto W09$938,43169
#50Toronto W10$721,563114
#51Toronto C01$856,179798
#52Toronto C02$1,686,008114
#53Toronto C03$1,597,03086
#54Toronto C04$2,354,459131
#55Toronto C06$1,195,60057
#56Toronto C07$1,106,635179
#57Toronto C08$806,464375
#58Toronto C09$2,336,33545
#59Toronto C10$983,919112
#60Toronto C11$1,118,62454
#61Toronto C12$3,416,77060
#62Toronto C13$1,194,572106
#63Toronto C14$1,036,619208
#64Toronto C15$889,049242
#65Toronto E01$1,245,943131
#66Toronto E02$1,585,80098
#67Toronto E03$1,144,466140
#68Toronto E04$909,026145
#69Toronto E05$945,020125
#70Toronto E06$1,174,93961
#71Toronto E07$826,230141
#72Toronto E08$982,59685
#73Toronto E09$792,348142
#74Toronto E10$1,050,67877
#75Toronto E11$785,911123

Toronto Housing Market History from 1954

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Housing Markets Across Canada

Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.