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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.

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