By: The Goldfellas

March 2021 Market Update

Tags: realestatenews, marketupdate

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:


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.
 
To sum up this month’s data, it looks like we’re back in the stable growth territory. Competition has cooled in some pockets, and the condo market has begun its climb back up. Buyers may finally be able to see the light in the market, enjoying the choice of options, as we’re seeing the spring rush of listings
 
Is now the time to buy? It might depend on what your desired areas and budget are. Is now the time to sell? YES.

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.
 
Read the full TREBB report here

Reach Out Today! We have you covered.
Email us at info@thegoldfellas.ca

Zubin Abuwalla | Direct: 416-389-8019
Mansoor Ahmed | Direct: 647-297-1721
Karl Abuwalla | Direct: 647-883-0874

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