For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy, says a new Toronto Regional Real Estate (TRREB) report.
For March 2021 as a whole, new listings were up 57 per cent 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 board stated.
The MLS® Home Price Index Composite Benchmark for March 2021 was up by 16.5 per cent compared to March 2020, TRREB said. The average selling price at $1,097,565 was up by 21.6 per cent over the same period. Following the recent trend, low-rise home sales in regions surrounding the City of Toronto drove price growth.
“Confidence in economic recovery coupled with low borrowing costs supported a record pace of home sales last month. While the robust market activity is indicative of widespread consumer optimism, it is also shedding light on the sustained lack of inventory in the GTA housing market, with implications for affordability,” said TRREB President Lisa Patel.
GTA REALTORS® reported 15,652 sales in March 2021 – close to double that of March 2020. There were 6,504 sales reported during the first 14 days of March 2021 – up 41 per cent when compared to the pre-COVID period in March 2020. And 9,148 sales reported between March 15 and March 31, 2021, an increase of 174 per cent compared to the COVID period of March 2020.