Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information

March Real Estate Market

Toronto Real Estate Board March MLS sale statistics:

  • GTA single family home sales including condominiums - 15,652.
  • Volume - up 97%, compared to March 2020 7,945 sales.
  • Volume - up 42.6% compared to February 2021 10,970 sales.
  • Average price of a GTA single family home - $1,053,585.
  • Up 13.3% from 2020's average price of $929,617.

(The GTA is Burlington to Clarington, Lake Ontario to Lake Scugog)

“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

  • November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
  • March 2021 20-40% of central district properties sold for asking or under.

(Central districts cover the Lake to York Mills, and the Humber River to Victoria Park.)

The March residential resale market unlike the late spring, summer, and fall 2020 one, was a story of the strong freehold market and a stronger rebounding condominium market.

  • The GTA freehold inventory remains limited.
  • March some well-priced or under-priced homes sold for over asking price in bidding wars or "bully offers".
  • CIBC's Benjamin Tal says about 40% of condo investors are in negative cash flow, but are buying units with a long term vision.
  • More homes are not "appraising out" given the high prices paid in "bidding war" and "bully offer" scenarios. This creates a big problem for some buyers because they will be unable to complete the transaction.
    Average Price March 2021
    Average Price March 2020
    City (416)
    $1,083,322
    $989,175
    G.T.A. (905)
    $1,104,509
    $856,981

    Average GTA Prices 1991 to 2020

    1991
    $234,313
    2006
    $351,941
    1992
    $214,971
    2007
    $376,236
    1993
    $206,490
    2008
    $379,347
    1994
    $208,921
    2009
    $395,460
    1995
    $203,028
    2010
    $431,276
    1996
    $198,150
    2011
    $465,014
    1997
    $211,307
    2012
    $497,130
    1998
    $216,815
    2013
    $522,958
    1999
    $228,372
    2014
    $566,624
    2000
    $243,255
    2015
    $622,120
    2001
    $251,508
    2016
    $729,837
    2002
    $275,231
    2017
    $822,572
    2003
    $293,067
    2018
    $787,865
    2004
    $315,231
    2019
    $819,279
    2005
    $335,907
    2020
    $929,617
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