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.
- March sales were 97% higher than last year (15,652) – a record for March on TRREB
- The ratio of sales-to-listings jumped dramatically to 148% in March– putting us into extreme seller market territory
- The March average sale price came in at a record highest EVER $1,097,565– 21.6% above one year ago as we’re in the spring market
- The GTA real estate market overall averaged a quick 10 days-on-market
- Detached home sales in March 2021 with a purchase price over $2,000,000 were up a big 303% (906 houses) while condo apartment sales over $2M also increased by a significant 211% (28 suites) compared to March 2020
- The CONDO townhouse/highrise share of the market maintained 31.8% during the month
- Downtown condo active listing numbers were still UP by 23% in C01 and by 31% in C08 from last year at this time but only slightly above February
- March year-over-year downtown condo sales were up by 105% in C01 and 94% in C08 compared to 2020 with record sale numbers in both TRREB districts
- The downtown condo days-on-market average dropped dramatically to 16 days (C01) and 15 days (C08)
- Reversing the trend seen in the past several months, the ratio of sales-to-listings for condos downtown made a huge jump in C01 to 124% and in C08 to 116% leaving both condo districts in extreme seller market territory
- Because of the influence of higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, the adjusted average condo sale price still showed a decline of 9% - 12% from March 2020
- Despite the doom and gloom you see in the media about the combination condo townhouse and high-rise suite market, March continued the recovery for condo sales – there may only be a short 1-2 month window to take advantage of this market
- March saw detached homes in the 905 appreciate year-over-year by an average 28% while sales were up 47%. 905 condo apartment sales were up 67% while average sale prices rose by a modest 5.4%
- As long as external events don’t happen to influence interest rates or taxes on some types of real estate transactions, all the repressed yearning for normality will continue to cause a flurry of real estate activity...