Galleria on the Park Condos . Property prices are expected to exceed 1 million by the end of the year. The Toronto Real Estate Bureau predicts that the average property price in the Greater Toronto area will exceed 1 million yuan for the first time by the end of 2021.Please Visit: Galleria on the Park Condos to Get Your VVIP Registration Today!
The property Bureau said that it is expected that the average property price in the Greater Toronto area will rise to 1.025 million yuan by the end of 2021, up 10.25% from the average property price of 929692 yuan in 2020.
Jason Mercer, chief market analyst at the Toronto Real Estate Bureau, said: “We have gone back to the scenario we have been talking about for the past few years, in which case the release volume will not keep up with demand”. “taking into account the demand factor, coupled with the fact that we are looking for new supply of properties, this means that property supply and demand will remain tight.”
The transaction volume of property in Toronto rose 52% in 2020, and the average transaction price also rose to nearly 1 million yuan.
According to the Toronto Real Estate Bureau, the number of property transactions in January 2021 reached 6928, up 52.4% from 4546 in the same period in 2020; the average transaction price rose 15.48% to 967885 yuan from the average price of 838087 yuan in the same period in 2019; as for new supply, it also increased by 20%, from 7848 to 9430.
John DiMichele, chief executive of the Toronto Real Estate Bureau, said the number of people looking for properties would continue to increase steadily.
The Toronto Real Estate Bureau predicts that the overall transaction volume of properties will reach 105000 in 2021, with a new supply of 160000 units.
Lisa Patel, president of the Toronto Real Estate Bureau, said that once the number of cases in hot spots continues to decline and mortgage rates remain low, it will push up property prices as vaccinations have begun.