While it seems the pandemic has tempered itself for now, the home prices in Toronto has skyrocketed.
A new report from Engel & Völkers has found that the luxury home market has roared back to life and is well above pre-pandemic levels. In Toronto, homes are regularly selling for $200,000 to $500,000 over the asking price, the average GTA home price hit $1.1 million in May of this year, which represents a 28.4 percent increase from May 2020.
The report shows that condo sales between $1 million and $3.99 million have doubled in the first half of 2021 when compared to 2020. Toronto house sales over $4 million increased 141.6 percent in February 2021 compared to February 2020.
“While the city and GTA have not run out of buyers and sellers, Engel & Völkers predicts a slow summer and holding pattern scenario as lockdown restrictions ease,” says the report. “With some companies opting for more flexible work situations, buyers may continue to look for homes outside the downtown core.”
Engel and Völkers predicts that the market will stabilize after the beginning of 2022.