Toronto Market Update – March 2021

Posted by Nutan Brown on Monday, April 12th, 2021 at 9:15am.

For the third straight month of 2021, record home sales continued across the Greater Toronto Area with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.

According to a new Toronto Regional Real Estate Board report, sales in the GTA reached a record 15,652 last month, up 97% from 7,945 during the same time last year.

One major reason for the dramatic increase in sales is the fact that this time last year the economic effects of the pandemic first took hold, making many buyers and sellers hesitant to enter the market.

The average home price in March also grew to $1.1 million, an increase of 16.5% compared to last year.

The consistent increase in home sales and price over the last few months indicates that consumer confidence has returned to the market. It also sheds light on a sustained lack of inventory in Toronto and the GTA.

Condos saw the smallest growth in prices, according to TRREB, as the average condo price climbed by just 2.6% to $676,052.

The most dramatic price increases were seen in detached housing, where the average price was up by 26.6% to $1,402,849. The average semi-detached home sold for $1,045,519, a 17.5% increase, while townhouses spiked by 20.7% at $870,553.

RELATED: 3 Tips to get the Maximum Price For Your Home

While the spring market traditionally tends to be the busiest month for real estate, it's hard to tell if this will help balance out the market or not.

Stay tuned for next month's Toronto Market Update to find out!

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