MARKET STATS FOR FEBRUARY 2021

Dated: April 5 2021

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FEBRUARY 2021 MARKET STATS

High demand absorbs inventory at record pace in February 2021

February 2020 was our last full month before COVID-19 hit and what many thought could have been our last productive month of 2020. What happened next is one of the biggest surprises in GTA real estate history – a boom year in sales and price appreciation. February 2021 is continuing the trend. In pre-pandemic February 2020, sales were up by 45.6% over the previous year with units selling at a rate of 1,674.5 per week. That pace coupled with the month’s active listings, down by 33.6% from the previous year, resulted in a very tight 5.3 weeks of available inventory for buyers.  In comparison, February 2021 sales were up by 52.5% over the previous year with units selling at a rate of 2,531.5 units per week. This February’s pace coupled with only 8,816 active listings, down 1% year over year for the period, resulted in a record high absorption rate of 3.5 weeks of inventory.  Absorption Rate is usually expressed in months, not weeks, with 1 – 4 months of inventory classified as a Sellers’ market.

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BINU Rajaratnam

Buying or selling a home is a major decision and understanding the Real Estate market trends can be challenging. I love having the opportunity to provide my buyers and sellers with key market informat....

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