Loading articles...

Real estate board predicts average Toronto home price of more than $1-million this year

Last Updated Feb 8, 2021 at 6:50 pm EDT

A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy

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.

RELATED: Toronto Real Estate Board says home prices hit record in 2020 as sales climbed

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.

Latest Traffic & Weather
680 NEWS TRAFFIC @680NEWStraffic 680 News Traffic Twitter verified icon
Updated Yesterday at 10:19 PM
#CityStreets
Latest Traffic
680 NEWS WEATHER @680NEWSweather 
Updated Just moments ago
Tune to 680 NEWS 📻 for traffic and weather updates every 10minutes on the ones! See snow ❄️ go slow!
Latest Weather