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Toronto Real Estate Market in 2021
There is an expected sales growth due to the continued recovery of the economy, low interest rates and more people getting back to work.
The year 2021 follows on the heels of a year like we have never seen before. Despite this, the Toronto real estate market in 2021 is expected to set new records with housing prices forecasted to hit the $1 million mark. This would be the first time that the average price for all types of homes surpasses $1 million
Real Estate Market Predictions 2021
According to the new real estate market predictions 2021 that were released earlier on Monday by TRREB (Toronto Regional Real Estate Board), we will see a lot of activity occurring this year as we move forward.
The predictions were outlined in the Market Year in Review and Outlook 2021 Report and takes a look at the future expectations of real estate in a year that follows a year marked by uncertainty.
The year 2020 had a strong beginning in the housing market before the pandemic took hold. This was followed by low activity in the market due to the spring lockdown. Once consumer confidence was raised again, the GTA market bounced back in the last six months of the year.
2020 Real Estate Figures
There were 95,151 sales recorded in the GTA in 2020, which was an increase of 8.4% on a year-over-year basis. At the same time, new listings increased by 2.6%. Sales increased more than listings during the year, which resulted in higher home prices on average. The growth of the average home price was accelerated and went up by 13.5% to $929,699. While 2020 had its fair share of highs and lows, the unprecedented situation did not lower the overall demand for housing.
2021 Real Estate Predictions
The Market Outlook report indicates that the desire for home ownership will remain strong this year and home sales are forecasted to reach 105,000, which would be close to setting a new record. There is an expected sales growth due to the continued recovery of the economy, low interest rates and more people getting back to work.
GTA Condos
TRREB is also predicting that the listings for new condominium apartments located within the GTA will begin to go down. We are expecting to see this happening in the last six months of 2021. In 2020, the number of GTA condos that were listed was down on a year-over-year basis by 4.3% while Toronto condos increased by 15.8%. The GTA saw condo sales increased by 14% while overall sales located in the 416 area decreased by 1.1%.
It’s expected that the number of new listings in total for single family homes will go up to 160,000, which is an increase compared to the number recorded last year. In 2020, 156,755 single family homes went on the market. Low rise homes, which include detached houses, will experience very tight market conditions this year with sales increasing faster than the new listings this year.
2021 Forecasts for GTA Mortgages
It’s not expected that we will see any pronounced increases in terms of mortgage delinquencies in 2021. Most homeowners that did have to defer their mortgages made the decision based on an abundance of caution rather than on necessity. Most have been able to start making regular payments once again.As far as mortgage rates go, TRREB says that negotiated rates are forecasted to stay low in 2021 but long term and medium term fixed rates may start to go up towards the end of the year as the economy continues to recover.
Supply Continues to Be a Problem
Overall, the report notes that the major challenge in the market is supply. There is a need for a larger housing supply and more types of diversified housing. Right now, the variety of housing options is extremely limited due to zoning restrictions at a municipal level. Many urban areas have single-family, low density homes.Making changes to the zoning restrictions would help alleviate the tight housing supply.If conversions were allowed to be made, an additional 300,000 to 400,000 units could be added to the market. This would help sustain retail and social amenities as well as schools.
City Of Toronto and The Greater Toronto Area
The GTA is a powerful economic, financial, distribution and commercial centre in North America and the world.
Explore the Greater Toronto Area (GTA)
The Greater Toronto Area is Canada’s most populated metropolitan area. The City of Toronto and 4 regional municipalities that surround it including York, Peel, Halton and Durham make up the GTA. In all, there are 25 rural, suburban and urban municipalities within the Greater Toronto Area. Almost 6,500,000 people live in this area according to the latest census, which was taken in 2016.
Geography
Burlington lies in the southwest part of the GTA and the region extends across downtown Toronto and Lake Ontario to Clarington in the East. At the most northern tip of the GTA you’ll find Brock, which is located in the Durham Region.
This is a huge area of land covering approximately 7125 km². Lake Ontario lies to the south, the Niagara Escarpment can be found on the west, Kawartha Lakes lies on the east while Lake Simcoe is situated just north of the GTA. It is also a part of the Ontario Peninsula and this region creates the Greater Toronto Bioregion, which is its own natural ecosystem.
GTA Economy
The GTA is North America’s 2nd largest financial centre and generates approximately 1/5 of the GDP in Canada. In terms of business headquarters in Canada, 40% of them can be found in this area. An estimated 2.9 million employees work in the Greater Toronto Area with more than half working in the service sector. The service industry sector provides more than 72% of the GDP of the region.
The 5 big banks of Canada all have their headquarters located in the Toronto Financial District. As well, the Toronto Stock Exchange headquarters can be found within the City of Toronto.
In terms of the high-tech companies in the country, the largest concentration of them can be found in Markham. For this reason, the city has also been known as the High-Tech Capital of Canada. The GTA is also North America’s 2nd largest automotive centre with many big-name assembly plants such as Chrysler, Ford and GM located here along with many Canadian automotive headquarters. In fact, about 10% of the GDP of the region comes from the automobile industry.
Transportation
Residents living within the greater Toronto area have many options to choose from when it comes to public transportation. Some of the public transit operations found within the perimeter of the GTA include:
- Durham Region Transit
- Milton Transit
- Brampton Transit
- Oakville Transit
- TTC (Toronto Transit Commission)
- Burlington Transit
- Go Transit
- Miway (in Mississauga)
- York Region Transit
Highway 401 is the GTA’s major roadway and is the longest highway in Ontario. It is also one of the world’s busiest highways and part of the roadway that goes through Toronto is the busiest highway in volume in North America.
Toronto Pearson International Airport is located in Mississauga and serves the GTA. This is the busiest and the largest airport in Canada with almost 50 million passengers using the airport in 2018.
There is also an important maritime infrastructure located here including the Port of Toronto. This port along with the Port of Oshawa handles anywhere from 2 to 4 million tons of cargo every year. In 2019, it also served 12,000 passengers for cruise lines.
The GTA is a powerful economic, financial, distribution and commercial centre in North America and the world. It has loads to offer to both residents and to visitors and offers a lot of opportunity for employment, relaxation, entertainment and exploration.
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