The average home price will surpass $1-million for the first time ever, according to the Toronto Regional Real Estate Board’s forecast for 2021.
TRREB Chief Market Analyst Jason says it will be a record high, forecasting the average Toronto home price to be $1,250,000.
Mercer says the record high is driven by high demand and low supply.
With a low supply, particularly for homes, it creates a competitive market driving up prices.
While Statistics Canada reports a record-high population loss of 50,000 people in Toronto from July 2019 to July 2020, Mercer has confidence a rebounding economy, and a renewed GTA population growth post pandemic, will support the continued demand.
OUT NOW! TRREB Forecasts Strong Demand for Real Estate in 2021 PLUS January Numbers. Access TRREB’s January 2021 Market stats & the must-read Market Year in Review & Outlook 2021 Report.
— Toronto Regional Real Estate Board (@TheReal_TRREB) February 8, 2021