So far, throughout 2021, we’ve seen record levels of home sales throughout the GTA, continuing through March with over 15,000 home sales. Marking one year after the Pandemic was declared, we’re reporting twice the sales of March 2021, as we’re seeing the impact of the lower interest rates and heightened urgency for home ownership.
Here’s what happened last month in the GTA:
- The Toronto Regional Real Estate Board reported 15,652 home sales in the GTA; an increase of 97.0% compared to March 2020.
- Between March 15th and 31st, the effect of Covid on the housing market can really be seen, with an increase of 174% in the second half of March 2021 compared to the same time period in 2020. This reminds us of the initial impact COVID-19 had on the housing market and overall economy
- While new listings are up 57.3% year-over-year to 22,709, representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.
- Toronto’s home price index is up 16.5% and average selling price reportedly increased by 21.6% since last March. The growth is driven by the low-rise segments in the areas surrounding the City of Toronto, but some pockets are showing signs of fatigue, such as Caledon and King City.
- Looking at our overall Condo market, the average GTA condo has now recovered past the pre-covid mark. February 2020’s $666k has been beat by last month’s average of $676k.
In February 2020, prior to Covid, the average price for a condo inside the City of Toronto was sitting at $722k. Last month, with businesses entering another round of lockdowns, the average price remained at just $707k. Although we are seeing a rapid 4.5% gain in the one month between February and March of this year, confirming our previously predicted upswing from the trough towards the peak, there still seems to be time to get your foot on this momentum as some districts like the Bay Street Corridor still remain at nearly a 5% decline since this time last year.
Think you’re ready to start looking? Download our Ultimate Guide to Buying your Dream Home here and check out our home search function below!
What should you do if you’re thinking about buying or selling? Consider the above information and give Zubin, Mansoor or Karl a call. Market conditions are changing quickly, but we have you covered. Let us make a plan that works for you based on price, location and timelines. We know our market and we’re here to help.
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Zubin Abuwalla | Direct: 416-389-8019
Mansoor Ahmed | Direct: 647-297-1721
Karl Abuwalla | Direct: 647-883-0874