Market Insights
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As your local real estate brokerage, we strive to always provide valuable information as it relates to your largest investment. At the beginning of every month, we work to compile statistics relating to both Toronto proper and the larger GTHA region. Simply provide your contact information below, and we'll be sure to send our infographics your way every month until you tell us otherwise. Enjoy!
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MARKET UPDATE FOR THE WEEK ENDING APRIL 9TH, 2021
Economic optimism and low interest rates continue to fuel home sales across the GTA. The Toronto Real Estate Board released the March stats this week, and the numbers are record breaking. There were 15,652 sales reported, surpassing the previous record set in May 2016 with 12,870 sales, and the average sale price for a home in the GTA is now $1,097,565 up 21.6% over the same period last year. The March results show home buyers are spending about $195,000 more than a year earlier and $50,000 more than February’s average, when prices pushed past the $1-million mark for the first time. It is important to remember that during the second half of March last year, sales activity dropped off dramatically when the state of emergency was declared.
The 905 regions are what’s driving these numbers. As buyers are looking for more space and large backyards the detached home in these 905 communities continued to leap by the highest percentage: up 31.4% annually to an average of $1.32 million last month. That compares to a 19.2% average price jump to $1.75 million for a detached house in the City of Toronto. Competition between buyers in some market segments and the potential for double-digit price growth could continue without a meaningful increase in the supply of homes available.
Demand for condos, as well as rents, dropped last year after condo renters lost jobs and owners sought more space outside of the city. But the City of Toronto’s condo sector is gaining steam again. March sales were nearly double that of last year, and the average selling price for a condo in the city increased for the second consecutive month to $707,835. We are only off 0.7% from last March’s average high of $712,746. And while last month’s numbers are undoubtedly attention-grabbing, they are a stark reminder of where we were a year ago — a time when pandemic measures halted open houses and abruptly hit sales and prices.
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
GTA Home Sales Up 97% in March, Average Selling Price Hits $1.1M
“With a year of COVID officially behind us, a sense of confidence has returned to the housing market, and for the third straight month in a row, record home sales continued across the Greater Toronto Area (GTA), as buyers took advantage of low borrowing costs and continued improvement in many sectors of the economy.”
What Can Be Done About Rising House Prices?
“It's easy to blame interest rates for Canada's current housing unaffordability, but housing policy makers could do more amidst a pandemic-economic crisis.”
Rapid increase in home prices puts buyers in bind when appraisals don’t match sale price
Home prices are running up so fast in some parts of Canada that valuations set by appraisers...
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Toronto Real Estate Market Now Hotter Than 2016 Housing Boom that Caused Government Intervention
We’re just four months into 2021, and we’ve already seen a monumental shift...
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Demand for Toronto office space is starting to increase
After months of Toronto office tenants giving up their workspaces, pushing the city’s office vacancy rates to a new high...
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating