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.
Comparing transactions to March of 2020 shows massive growth since we were dealing with initial fallout of COVID announcements. Durham saw 89% more transactions, and Toronto 85%, showing consumer confidence in recovery.
The average sale price increased 37% from March 2020 with detached homes increasing by 39%.
Inventory overall continues to be low with sales growth outstripping listings growth by a large margin. 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 for sale.
Buyers keep heading east! Northumberland sale prices increased 47% and Peterborough buyers brought the average sale price up a whopping 59%