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.

“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.

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.