Toronto home prices to rise 5.75 per cent in 2021: Royal LePage
Toronto home prices to rise 5.75 per cent in 2021: Royal LePage
The brokerage predicts rising prices due to low inventory, while MPAC reports Toronto added $11.65 billion in property value in 2020 By Radheyan Simonpillai
Samuel Engelking
Real estate brokerage Royal LePage forecasts that home prices in the Greater Toronto Area (GTA) will rise 5.75 per cent in 2021.
The firm’s 2021 market survey forecast estimates the aggregate price of a home in the GTA home will reach $990,300. The median price of a two-storey home is expected to rise 7.5 per cent to $1,185,800.
The agency also forecasts that the rise in condo prices in the 905 real estate market will offset the dip in Toronto. They forecast the median price of GTA condominiums to rise only 0.5 per cent to $600,800.
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TORONTO – BUSINESS – Residential real estate is surging. Demand for housing has exceeded supply through the last half of 2020. This has put pressure on home prices, which Royal LePage says, in their Market Survey Forecast predicts a five and a half per cent increase in the price of the average home in 2021.
The price of a home in Canada in 2021 across the country will be $745,100, while the median price of a two-storey detached house or condominium will be projected to rise by six per cent, and 2.25 percent respectively to $890,100 and $522,700.
“The leading indicators we analyze are pointing to a market that favours property sellers in the all-important spring of 2021,” said Phil Soper, president and CEO, Royal LePage. “Across the country, a large number of hopeful buyers intent on improving their housing situation were not able to find the home they were looking for this year, as the inventory of properties for sale came nowhere near to