Hello everyone! Danielle Demerino here, your favourite Toronto Real Estate Agent coming at you with another Market Watch! Today I am going to report on the Toronto Real Estate Board’s statistics. So let’s get started.
Let’s go back to March 2020, that is right when the pandemic hit hard. Around that time, condos had been selling through the roof. The average cost of a condo in March 2020 was $658,791 and there wasn’t a ton of inventory. If we fast forward to today and take a look at all asset classes: condos, townhouses, row houses, semi-detached and detached homes, the average price for a home in Toronto is $1,083,322 which is up 9.7% from last year.
The 2021 residential real estate market started out incredibly strong and has continued throughout the entire first quarter of the year. Transactions in the GTA for March 2021 are up almost 100% when compared to last year at this time. Prices overall in the GTA are up around 21% when compared to last March. We can attribute this jump in sales volume and prices to the COVID-19 pandemic.
We have witnessed an incredibly interesting time for real estate and watched our market prevail during these difficult times. As most of you know from some of my previous Market Updates, the resale condo market is steadily recovering and continues to play catch-up with with transactions up about 90% across the GTA with prices finally going up slightly sitting at approximately 3% higher than last year at this time.
Two areas that really surprised me are Durham Region and Oakville:
Average Sale Price in Durham March 2021: $901,322 (up 37.4% from 2020)
Average Sale Price in Oakville March 2021: $1,526,414 (up 36.6% from 2020)
If you are looking for a more in depth report, please reach out and I would be happy to put something together for you! Just fill out a form on this page. Stay healthy and stay safe!