Average Toronto Home Prices Forecast to Rise Another 6% in 2021
Thursday Dec 03rd, 2020
As the year that felt like it would never end draws to a close, one thing we can look forward to is continued activity in the Toronto housing market — with growing demand, low supply, and rising prices keeping the market in seller’s territory.
In fact, RE/MAX has forecast that Toronto home prices will rise up to 6% in 2021, after rising 12% on average in the first 10 months of this year compared to the 2019 12-month average. In 2020, the Toronto housing market saw the average price rise to $918,883 (January 1 to October 31) compared to $819,832 in 2019 (January 1 to December 31).
Looking to the new year, RE/MAX says immigrant homebuyers are also expected to drive market activity, including those coming to Toronto for education purposes, along with the expected influx of immigration from outside the country.
Toronto’s luxury housing market, on the other hand, remains largely unaffected by COVID-19 and continues to be driven by move-up buyers.
If 2020 has taught us anything, it’s that a lot can change in a short matter of time. As we continue to navigate the second wave of the pandemic — both locally and nationally — and transition into the new year, we must consider the impacts COVID-19 will have on the housing market and, subsequently, the economy.
Time will tell, but for now, let’s hope 2021 holds as much good news for the rest of economy as it seems to suggest for Toronto home prices.
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