Toronto Home Prices Just Hit a New All-time Record
Thursday Apr 22nd, 2021
The price of homes across the country is on the rise, especially in Toronto where home prices have hit a new all-time record cracking over one million dollars.
After speculation earlier this year that this was on the way, a new report by the Canadian Real Estate Association has shown a March 2021 Benchmark Price as $1,007,600 in the Greater Toronto Area.
The data shows that actual sales of homes are up 76.2 per cent from a year ago, as more begin to hit the market and are quickly scooped up by buyers.
The average price for a home is $716,828 with the housing market in the GTA heavily skewing that number. Excluding those two markets cuts over $160,000 off the national average.
Seeing how many homes were bought and sold in March 2021, one could be forgiven for thinking the market just continues to strengthen, and maybe to some extent it is.
The real issue is not strength in housing markets but imbalance. That demand has been around for months, but with the shortages in supply we have across so much of Canada, a lot of that demand has been pressuring prices.