Greater Toronto Area (GTA) real estate had its busiest year ever despite drum-tight market conditions, pushing prices through the roof.
The Toronto Regional Real Estate Board (TRREB) says 121,712 homes were sold in 2021, up 28 per cent compared to 2020. It's also 7.7 per cent higher than the previous 2016 record of 113,040.
Sales growth was higher in the City of Toronto compared to GTA suburbs. Detached homes were the biggest sellers.
"Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low," said TRREB president Kevin Crigger.
"These factors supported not only a continuation in demand for ground-oriented homes, but also a resurgence in the condo segment as well."
"The strong demand pushed the benchmark price for all types of homes up 31.1 per cent year-over-year to $1,208,000."
Single-family detached homes rose the most (34.2 per cent), neck and neck with single-family attached homes (34.1 per cent), followed by townhouses (27.5 per cent), and apartments (24.2 per cent).
The biggest gains by region for all property types were in Durham Region (42.3 per cent), South Simcoe County (37.8 per cent), and York Region (36.2 per cent).
"Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year," said TRREB chief market analyst Jason Mercer.
"Looking forward, the only sustainable way to moderate price growth will be to bring on more supply."
For the month of December, sales were down 15.7 per cent compared to the monthly record set in December 2020. New listings fell by 11.9 per cent over the same period.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.