Toronto Housing Market Report

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Market Report Summary
Updated February 9th, 2021
  • Home sales are close to record highs for the month and up by 51% from Jan. 2020
  • Average sold prices increased by 15% year-over-year to $967,888
  • Detached home prices increased by 31% year-over-year to $1.35M
  • Semi-detached home prices increased by 26% year-over-year to $996K
  • Condo apartment prices dropped by 5% year-over-year to $600K

Toronto Housing Market Overview

Data for January 2021
Avg. Sold Price:$967,885
All Property Types:$967,885
Detached:$1,359,915
Semi-Detached:$996,794
Townhouse:$913,923
Condo Apartment:$600,830
Transactions (Buy/Sell):6,928
All Property Types:6,928
Detached:2,766
Semi-Detached:506
Townhouse:545
Condo Apartment:2,471

Toronto's real estate market continued its strong pace of growth in January 2021 with average sold prices reaching $967,885, a 15% increase from January 2020. Larger homes saw the greatest annual price increases with detached homes selling for an average of $1.35 million, a 31% increase yoy. Semi-detached and townhouses followed close behind with average sold prices of $996,794 and $913,923 - an increase of 26% and 32% respectively. The condo market remained weak, however, with average sold prices of $600,830, a 5% decrease yoy and following a stabilizing trend for the past few months.

Sales have remained high despite the winter season and further COVID-19 lockdowns. A total of 6,928 homes were sold in January 2021, a 51% increase vs. January 2020. Detached homes were the busiest market with 2,766 sales, a 33% increase from last year. Condo apartments were a close second with 2,471 homes sold, an 85% increase vs. Jan 2020 despite the drop in prices. Townhouses saw a remarkable drop in activity to near COVID-19 lows, but that may be due to lower inventory and higher bidding war activity as Sales to List price ratios reached 108% on average throughout TREB.

New listings recovered slightly and rose above sales this month, but housing inventory remains scarce across the GTA. 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. However, surging COVID-19 cases, a slow vaccine roll-out, further lock-downs, and a depressed job market threaten to pose strong headwinds to further growth. With a 13% yoy return, it is unclear whether Toronto's real estate market can continue its upwards climb without any real wage growth or unconventional stimulus.

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 January 2021
Average Price: $1,359,91531.0% from Jan. 2020
Units Sold: 2,76633.4% from Jan. 2020
New Listings: 4,024-1.3% from Jan. 2020

Semi-Detached Home Prices in Toronto

Statistics for January 2021
Average Price: $996,79425.8% from Jan. 2020
Units Sold: 50644.2% from Jan. 2020
New Listings: 71139.4% from Jan. 2020

Townhouse Prices in Toronto

Statistics for January 2021
Average Price: $913,92331.7% from Jan. 2020
Units Sold: 545-30.3% from Jan. 2020
New Listings: 84437.0% from Jan. 2020

Condo Prices in Toronto

Statistics for January 2021
Average Price: $600,830-4.6% from Jan. 2020
Units Sold: 2,47185.1% from Jan. 2020
New Listings: 3,066

Toronto Housing Market Statistics for All Property Types

Data for January 2021
$967,885
Avg. Sold Price
4%
Monthly change
-0.04%
Quarterly change
15%
Annual change
6,928
Transactions (Buy/Sell)
-4%
Monthly change
-34%
Quarterly change
51%
Annual change

Average Sold Price and MLS HPI Average Sold Price

Total Transactions

Property Type Distribution

Impacts on Mortgages and Mortgage Rates

Due in part to the continued growth in real estate as well as loose monetary policy, mortgage lenders, including members of the Big Five (RBC, TD, CIBC, Scotiabank, and BMO), are increasingly willing to discount risk in the housing market and are offering record-low mortgage rates. Although this highly-competitive market may not last past the end of 2020, mortgage rates are not expected to rise significantly by 2022.

Free Home Value Estimator

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Housing Markets Across Canada

Market Overview for Detached Homes

Data for January 2021
$1,359,915
Avg. Sold Price
10%
Monthly change
13%
Quarterly change
31%
Annual change
2,766
Transactions (Buy/Sell)
-9%
Monthly change
-47%
Quarterly change
33%
Annual change

Average Sold Price

Transactions

Market Overview for Semi-Detached Homes

Data for January 2021
$996,794
Avg. Sold Price
6%
Monthly change
7%
Quarterly change
26%
Annual change
506
Transactions (Buy/Sell)
-14%
Monthly change
-53%
Quarterly change
44%
Annual change

Average Sold Price

Transactions

Market Overview for Townhouses

Data for January 2021
$913,923
Avg. Sold Price
5%
Monthly change
22%
Quarterly change
32%
Annual change
545
Transactions (Buy/Sell)
-13%
Monthly change
-70%
Quarterly change
-30%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments

Data for January 2021
$600,830
Avg. Sold Price
-0%
Monthly change
-3%
Quarterly change
-5%
Annual change
2,471
Transactions (Buy/Sell)
13%
Monthly change
9%
Quarterly change
85%
Annual change

Average Sold Price

Transactions

Greater Toronto Area (GTA) Breakdown by Region

Data for January 2021
City
Average Sold Price
Total Transactions
#1Halton Region$1,160,059637
#2Burlington$973,793183
#3Halton Hills$1,051,36550
#4Milton$1,000,351142
#5Oakville$1,397,462262
#6Peel Region$952,1831,453
#7Brampton$971,462749
#8Caledon$1,314,98669
#9Mississauga$890,020635
#10City of Toronto$866,3312,665
#11Toronto West$852,389650
#12Toronto Central$873,6891,461
#13Toronto East$863,284554
#14York Region$1,168,6231,288
#15Aurora$1,271,10380
#16East Gwillimbury$1,111,38148
#17Georgina$795,81164
#18King$2,067,60836
#19Markham$1,079,831303
#20Newmarket$1,011,94992
#21Richmond Hill$1,233,079270
#22Vaughan$1,188,330338
#23Whitchurch-Stouffville$1,226,50957
#24Durham Region$876,133651
#25Ajax$975,03895
#26Brock$721,43818
#27Clarington$861,556112
#28Oshawa$731,880202
#29Pickering$999,81489
#30Scugog$894,57512
#31Uxbridge$1,282,73321
#32Whitby$919,200102
#33Dufferin County$751,29133
#34Orangeville$751,29133
#35Simcoe County$865,241201
#36Adjala-Tosorontio$1,016,01010
#37Bradford West Gwillimbury$991,55938
#38Essa$809,60432
#39Innisfil$821,59878
#40New Tecumseth$839,12243

Toronto Housing Market History from 1996

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

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Data sourced from the Toronto Real Estate Board (TREB) 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.