March 2021
What a dramatic start to the year, it certainly feels like the Roaring 20’s in real estate!
Although the standing inventory levels have been low, there has been an increased flow of available homes that have come to market, resulting in significantly higher transaction volume.
The large increases in sales volume and prices are in direct relation to the beginning of the COVID-19 out break when business seemed to be put on a temporary hold leaving the market with a great amount of uncertainty.
For March 2021 as a whole, new listings were up 57% year-over-year to 22,709.
While representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.
The average selling price, at $1,097,565 was up by 21.6% over the same period.
Following the recent trend, low-rise home sales in regions surrounding the City of Toronto drove price growth.
With this in mind, it is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and COVID period (March 15 to 31, 2020):
There were 6,504 sales reported during the first 14 days of March 2021 - up 41 per cent compared to the pre-COVID period in March 2020.
The demand for real estate continues, with active listings down and limited supply buyers are turning to new construction opportunities across the City.
From freehold detached homes to condominium high-rises, developers have started to play catch-up with the release of many new projects across the city.
Please contact me, if you have any questions about real estate investment opportunities across our great City.
I look forward to catching up soon....