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February 2021 Toronto Real Estate Market Report

February 2021 Toronto Real Estate Market Report

Is this February or July? Last month I reported that the Spring market had already started, and the real estate train is still flying down the track. The number of properties sold in the Greater Toronto Area last month was just under 11,000 (10,970), a number we didn’t reach until July of last year. That is a 51% increase in sales over February 2020. You may be thinking that 2020 was an anomaly because of the Covid-19 shutdowns and you are right. From mid-March until June 1st real estate showings and sales had dropped dramatically, BUT that 11,000 figure we saw in July 2020 and again last month is a number that was not reached in 2019 or 2018. And demand is still outstripping inventory. That increase in demand is also reflected in the average sales price which is now for the first time ever over $1million ($1,045,488), a 15% increase year-over-year.

New listings are up 43% (15,137) and the number of Days on Market (DOM) is down 18% to 14 from 18 a year ago. These statistics show that we are in a very active Sellers’ market, especially considering that Canada’s border is closed to immigration.

Prices were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions, except for condominiums, a trend we have seen for many months. In fact, the numbers for the surrounding 905 regions are even higher than in the City of Toronto.

In the City of Toronto, the average sale price came in a bit lower at $995,201 which represents a +15% change over last year. Both Halton and York region’s average sale prices were 15% higher than Toronto, with only Durham being -15% lower.

It is also worth noting that the higher end of the marketplace continued to be robust, as well.
In February, 597 properties having a sale price of $2 million or more were sold, only 18 of which were condominium apartments. By comparison, only 266 properties in this category were reported sold last year (12 were condo apartments), a whopping increase of 125%. When compared to two years ago, the difference is even more striking: a 406% increase. This illustrates something we already know, prices are rising dramatically and confidence remains high across the price spectrum.

In January condominium sales were up 85% compared to last year. February’s condominium sales did not fare quite so well, but the number of units sold was still up 63% over February a year ago. Despite the fact that the average selling price of condos is down (-6.4%) year over year ($676,837), buyers are once again embracing condominiums. The price ratio of detached homes is usually about 2.0x greater than condos. Lately, that ratio has increased to 2.5x, so condos are seen as a more affordable option.

I am going on record now that I think 2021 will be the best year ever for the number of sales for the Toronto Regional Real Estate Board (TRREB).
In both January and February, sales were up 53% and I do not see that changing. If you are thinking of selling, 2021 should be your year.

Chip Barkel, Sales Representative, eXp Realty.  Senior Real Estate Specialist & Advisor.

How My SRES Designation Benefits My 50+ Clients

 

Have you ever thought about moving and were just overwhelmed with the thought of it? So much stuff. Where to start? Now, imagine what it would be like after 47, 57, or even 67 years in the same house! Many seniors face this very predicament. Seniors have specialized needs. Some of them are emotional, some practical, and some physical. Sometimes a senior moves after a spouse dies. The deceased spouse may have been the financial decision-maker or may even have been a primary care-giver, and the surviving spouse is struggling to cope. Add age to the mix. It is not uncommon for a senior homeowner to be in their 70s, 80s, or even 90s. Packing is hard enough when you were in your prime, it’s harder and sometimes just not possible in later years.

I hold the Senior Real Estate Specialist (SRES) designation, the only senior designation recognized by the National Association of Realtors.

If a homeowner hasn’t bought or sold real estate in 30, 40, or 50 years, then the whole process of selling needs to be re-learned in detail, since so many real estate details have changed in those years. I know and I expect the process to take longer, and that’s O.K. This move was a long time coming. It is about making the move of a lifetime.

Seniors bought the family home, raised their children, and stayed put. Their stuff accumulated and so did their children’s. Add age and physical deterioration to the mix and it’s no wonder people feel overwhelmed. For some, just coping with day-to-day activities is challenging enough, let alone downsizing and moving. Organizing all of that stuff and disposing of and dispersing surplus belongings can be overwhelming. Not only do the possessions hold major sentimental and emotional significance, but the amount of work is also often beyond the physical limitations of many seniors.

I understand these emotional and physical parameters and I can recommend exceptional professionals who will help, disperse, dispose of. and organize the “stuff”. They can even help you choose what will go on to your next home. I will work with my clients, and their families, every step of the way from the moment they decide to sell their current home to complete their transition to their new home.

This transition for seniors can be very stressful, and often the responsibility of moving a senior relative also falls to another senior family member. These days it is not uncommon for a parent in their late 80s or early 90s to be assisted by a child who is in their 60s or 70s, themselves seniors. Seniors can be any age from 50 and up.  And the 50-65-year-old children may still be balancing responsibilities of their careers, a spouse who requires attention, and their own children.  Much more common today than in generations past: seniors have children, but they live several time zones away. No matter what the specifics, senior homeowners contemplating a move can benefit from a professional like me, who understands their needs.

Being a Senior Real Estate Specialist means I can help you decide where the next move will take you. Many seniors desire is to “age in place”. Aging in place doesn’t necessarily mean not selling the family home and staying put in their current house. Aging in place may mean selling the larger family home (often with stairs or in need of repair) and buying something smaller, and maybe on one level, in the same community- near places of worship, friends, and other emotional anchors. There are a variety of options. One option is to rent rather than to buy. Other options include supportive housing, assisted housing, cluster homes, long-term chronic care, and hospice care.  Some communities offer a combination of care options under one umbrella. Understanding these dynamics and being familiar with the professional resources to meet the emotional and physical needs is crucial to dealing with senior clients with the empathy and respect they deserve.

Let’s start by chatting and discussing your particular situation and exploring possibilities. If you are 50+ and looking at making a move to the next chapter in your life, or for someone close to you, call me and let me help you with my skills, knowledge base, and professional resources as a Senior Real Estate Specialist (SRES).

* P.S. I can also help your children and grandchildren buy and sell homes.

– Chip Barkel, MCNE, SRES, Senior Real Estate Specialist & Advisor.    Extraordinary Service. Top Results.