2021 was a pretty wild ride for the housing market, breaking records all over the place. The media kept throwing around words like “frenzied,” “outrageous,” and “supercharged.” And while sellers made money hand over fist, buyers had a tough time of it – especially first-timers.
Everything went up…except inventory
Sale prices in the GTA hit record highs in 2021, with average price for all home types climbing well north of a million. Sales were up by quite a margin over 2020, although it’s important to remember that 2020 experienced a pretty big blip in the first couple of months of the pandemic. But inventory is the most important number here: there haven’t been this few listings on the market in recent memory, and demand for a handful of properties is a huge factor in climbing prices.
And the hottest market was…the 905
People leaving the core for more space in the ‘burbs completely changed typical sales dynamics – in the GTA and across the country. Sales in the 416 saw a little bit of a bump at just under 4%, but action in the 905 was through the roof, with close to 25% more sales than 2020.
Town is the new detached
Buyers priced out of detached and semi-detached homes still wanted space, and for many, the generous square footage of a townhome fit the bill better than a condo. This housing type was in hot demand throughout the year for all of its obvious benefits: size, outdoor space and a lower price point.
Demand for condos went up…way up
While detached homes stayed relentlessly hot, the demand for condos wasn’t as strong, particularly earlier in the year. But that changed in late 2021. With downtown reopening and other housing types getting more and more out of reach, condos came roaring back, with offer dates and multiple offers becoming the norm again.
“Sold over asking” was a common refrain
Artificially low prices set to attract interest combined with skyrocketing appreciation meant homes were regularly selling for significantly more than list price. This house in the Beach sold for $560K over asking – and it’s just one example.
The Property.ca picture
Stats from condos.ca, property.ca, and mrloft.ca reflect those larger market trends, with more users, more visits and more transactions than those sites have ever seen before. Sales volume went up by approximately $200M, site visits jumped, and thousands of new buyers registered to access our site features.
The renewed focus on condos – and buyer reliance on condos as their search platform – were reflected in top condo-related Google search terms.
The year’s biggest real estate stories
Our agents shared some of their experiences on the ground, identifying a number of key trends driving the market.
So what’s in store for 2022?
Looking for more insights to help you wrap your head around this fast-moving market?
Read our Definitive guide to the Toronto & GTA housing market, updated every month, and browse the market insights section on our blog. And talk to a Property.ca agent: they’ll help you understand if this is the right time to buy, sell, rent or invest – and what strategies will help you succeed.