It is way too early in the year 2021 to have an accurate market data but so far all indications are pointing upwards when it comes to home prices in the GTA.
Take this home, for example, located in a not so attractive area of Georgetown. Definitely not a showstopper and not upgraded to to bottom. I am not sure even if this house is liveable at this condition.
Yet, it fetched 64 offers (as of yet) and more offers are coming as the sellers take their time to review all of the already submitted 64 offers. This frenzy is ongoing in Burlington, Milton, Toronto, Caledon, Oakville and in the east side of the GTA
For those reading this from outside of the province of Canada, Georgetown is not downtown Toronto, not even uptown. The city is located approximately 70km from downtown Toronto and so far has no public transportation.
Just as we thought 2017 was a crazy year for Toronto real estate; the activity and skyrocketing prices in January 2021 is already surpassing the rise of real estate 3 years ago.
The only hope buyers can count on is the warmer weather will bring more supplies and help stabilize or correct the market, somewhat.