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Market Stats March 2021

06 April 2021

March completed the GTA’s 2021 Q1 real estate story with results consistent with January and February – record sales numbers, price appreciation and market pace. Comparing March 2021 numbers with the same month last year is, of course, somewhat problematic given COVID-19’s market-halting impact mid-March 2020. Looking at the activity for the quarter, the story has solidly been about inventory and pace of sales. February 2021 reported a record fast absorption rate of only 3.5 weeks of inventory in the GTA. Despite a 57% increase in new listings coming on market, March 2021’s absorption was even faster. With an average of 3,612 units selling per week, there was less than 3 weeks of available inventory. Add on a five-year Days On Market low of 10 DOM, and the speed of the market has never been faster.  Finally, a quick word on Condos. Anyone looking for a bargain, won’t find it in the GTA. The very brief softening of condo prices in Toronto has passed and with sales activity surpassing even that of March 2017 – the previous high watermark for the month – it’s fair to anticipate renewed price acceleration for condos in the months ahead.

Market Stats for January 2021

10 February 2021

If you’ve wondered what real estate sales in the GTA would do with a surge of supply, look no further than January 2021’s condo sales that hit a record year over year increase of 85.5%. While improved affordability - a slight depreciation in the average condo price of 4.7% combined with record low interest rates - would be a factor in the sales numbers, this is a story of availability in an otherwise inventory starved market and the massive demand that persists. January’s 2,766 detached home sales, up by 34.4% compared to January 2020, continue to demonstrate the high demand from buyers wanting more space even as average prices increased by nearly the same rate as sales.

Market Stats for December 2020

07 January 2021

With over 95,000 home sales, the GTA real estate market had its third strongest year on record in 2020. This represents an 8.4% increase over 2019 results despite coming to a near-standstill last spring. December 2020 sales were up a remarkable 65% from a year ago. Overall prices accelerated further, particularly in the detached home sector, under extremely tight demand-supply conditions. Condo inventories swelled in December with active listings up 172% in the 416 and 159% in the GTA. But while condo prices have continued to soften as inventories increase, their December 2020 sales were spectacular. At nearly 76% greater than for the same period last year, sales numbers indicate there’s no shortage of condo buyers in the GTA. Condos will be the market segment to watch in 2021.

Market Stats for November 2020

04 December 2020

GTA real estate remained remarkably strong in November with 8,766 sales – an increase of 24.3 per cent year over year – and a 13.3 per cent increase in the average selling price – the highest rate of price appreciation for the month since November 2016. Detached homes, once again, lead the market in sales and saw an increase in average price of 15.2 per cent over November 2019. Most popular were detached homes in the 905 area with sales up by over 33 per cent year over year and accounting for 38 per cent of November’s total sales of all property types. The number of condo sales was typical for the month of November and up slightly from this time last year. However, the 416 area saw prices soften slightly, as the number of new condo listings swelled to nearly double that of November last year.