Last month, home sales in the Toronto area hit a new high of 15,652, up 97 per cent from 7,945 at the same time last year. Since the beginning of the year, realtors and housing agencies have reported a flurry of sales.
From $902,787 to $1,097,565 in the region, the average price of a home increased by 21.6 per cent. The most significant price increases were in detached housing, which increased by 26.6 percent to $1,402,849. According to the real estate board, there were 6,504 sales in the first 14 days of March this year, which is up 41% from the same period last year.
The data collected compares to March 2020, when the first economic effects of the pandemic hit and buyers and sellers were wary of the market, the sales growth was dramatic. The rapid spread of COVID-19 at the time resulted in widespread economic shutdowns, which resulted in a drop in home sales. After a year, available inventory hasn’t kept pace with the number of people looking for new home therefore putting downward pressure on prices.
TRREB reports that sales growth is outpacing listings growth by a large margin, even in the condo market segment. “Without a significant increase, the potential for double-digit price growth could continue.”