Toronto house and condo sales numbers both hit records

By: Thomas Cook

Toronto house and condo sales numbers both hit records

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our MARCH 2021 Toronto real estate market report.
 
The March Toronto real estate market has AGAIN hit a number of records including the highest ever average sale price and the highest ever number of sales during the month.
 
So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
Huge numbers came in once again for March with a record 15,652 sales of houses and condos across the GTA.  The next closest to this was way back in 2017 when we had 11,959 sales.  Low interest rates and high demand are continuing to boost our local market.
 
Sales were up 97% from March 2020 and 31% higher than March 2017.
 
Condo townhouse and high-rise suites hit a new record with sales up by 86% year-over-year with 4,970 units being sold. Next highest March was again back in 2017 when there were 4,050 units sold.
 
The March 2021 average sale price for all GTA homes came in at $1,097,565… a big 21.6% increase compared to one year ago and over $50,000 above the February number.  This was a record high number for any month EVER.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory average for the month of March was virtually identical to last year at this time.
 
Compare that flat inventory number to a 97% year-over-year sales increase.  That’s why we’re seeing such a big jump in appreciation.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
With our busy market… the March ratio increased dramatically to almost 148% to maintain an extreme seller’s market.
 
The days-on-market average for GTA / Toronto homes dropped dramatically to 10 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in March 2021 as we come to 13 months since the start of the coronavirus pandemic.