The average price of a home in the Greater Toronto Area is now over $1M

If you’ve had a chance to look at the housing market statistics, or speak with a realtor, you would have quickly discovered that the Greater Toronto Area’s real estate market is red hot right now. In fact, since the beginning of the novel coronavirus, record after record has been broken. There is one record that stands above the rest, and that is the average price per home is now at an all time high - over one million dollars. To be specific, the average price across all home types is up 14.9% year-over-year, from $910,142 in February 2020, to $1,045,488 in February of this year.

Experts have expressed that much of the average price increase is not from the premium of space in the downtown core, but the result of the growing population of the surrounding suburbs such as Brampton and Mississauga. Population is growing at such a rate that the lack of supply is causing prices to inflate due to bidding wars. The bidding wars are especially prevalent in the sale of detached, semi-detached and townhomes within the city. In fact, John Pasalis of Move Smartly released a report that nearly 80% of the aforementioned property types went for over asking price.

With average resale prices currently skyrocketing and hitting new highs, it begs the question: have you given any thought to selling your property in the current market, or are you holding onto your investment? Let me know your thoughts!