2021: House Prices Set a Recorded Level as Prices Continue to Rise

By: Randy Miller

2021: House Prices Set a Recorded Level as Prices Continue to Rise

Tags: COVID, GTA, Druham, Whitby, Real Estate, Toronto, Investing, Prices

The year ended with a record number of sales and the highest average sale price ever recorded, according to the Toronto Regional Real Estate Board (TRREB).

A record 121,712 residential transactions were completed within the GTA through TRREB, up by 28% when compared to 2020 and 7.7% higher than the previous sales record established in 2016.

During 2021, the average sale price set a record of $1,095,475, an increase if 17.8% compared to the old record set during 2020. During the year, strong demand for all housing types helped push up prices because the number of active listings fell short of the quantity needed to create a balanced marketplace.

Within Durham Region, TRREB reported a total of 14,717 residential real estate transactions during 2021, which was an increase of 13.9% compared to 2020 sales levels.

The average residential resale sale price recorded in Durham during 2021 reached $1,033,032, which is a record level and 32.8% higher than the average price during 2020. A house price of at least one million dollars is now commonplace in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice, Bowmanville and Uxbridge.
The forecasts for 2022 suggest that real estate values will increase more modestly, it is expected that mortgage interest rates will rise several times during the year.

If you are thinking of a move and want to take advantage of current real estate values, please contact me. I’ll give you sound, experienced advice. If you choose to sell, my staging services, digital marketing and social media promotions will get you plenty of exposure, ensuring that you achieve a fantastic sale price.