Market update: March 2021

➕‘the numbers’ for March are in. Record sales continued for Toronto Real Estate into the third month of 2021 driven by low borrowing costs and continued improvement in many sectors of the economy. The ‘416’ saw double digit growth in key market indicators vs 2020 including sales up +86%, new listings up +47% and active listing up +17%, vs. March 2020.

To note, sales growth of semi-detached homes more than doubled [+106%]vs. March 2020, but all segments saw near double growth with sales of detached homes +74%, townhouses +90%, and the condominium segment +86%, vs. March 2020.  However, it is important to consider that last year’s number include the initial impacts of Covid-19.

Tight supply in single-family segment continues to fuel robust growth rates in the ‘416’ area code with increases in average selling prices for detached houses [+19%], semi-detached houses [+11%] and townhouses[+15%] vs. March 2020.   

And while new condo listings outstripped condo sales in March, the segment continues to experience month over month renewed price growth with average condo selling prices in the ‘416’ now almost at par [-1%] when compared to March 2020.   

Looking to buy or sell a home in Toronto?  Average prices in March were as follows:

➕Detached  $1,750,518
➕Semi-detached  $1,288,005
➕Townhouse $960,894
➕ Condo $707,835

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Data presented is for City of Toronto only.   Source: Toronto Regional Real Estate Board