By: Jesse Jenish

March 2021 - Real Estate Report

Tags: Toronto Real Estate

MARCH 2021 IN REVIEW


Record home sales in the GTA continued in March for the third straight month of 2021. Demand has remained strong as buyers continue to take advantage of favourable borrowing costs.

While sales were strong, it is important to remember that for the second half of March we are comparing against the initial impact of COVID-19 in the second half of March 200 when sales activity dropped off dramatically. It is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and the COVID period (March 15 to 31, 2020).

TRREB released its monthly key housing market stats for March 2021 and we saw a new record for the number of sales in the month of March.

15,652 sales were reported through TRREB's MLS System in March. Sales volume is close to double versus March 2020. 

There were 6,504 sales reported during the first 14 days of March 2021 - up by 41% compared to the pre-COVID period in March 2020.

There were 9,148 sales reported between March 15th and March 31st, 2021, an increase of 174%  compared to the COVID period of March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago.

There were 22,709 new listings in March. New listings were up by 57% compared to March 2020.

The average selling price in March was $1,097,565 up by 21.6% compared to March 2020.
 

If you have any questions or would like to find out if it's the right time for you to buy or sell, don't hesitate to give me a call or text at 647-522-9057 or send me an email to jesse@jessejenish.com.