Buyers Return to the Toronto Housing Market as Prices Climb
Average price still down almost 15% from $1,298,666 last March, the Real Estate board finds
Toronto’s real estate market is constantly changing, and recent sales data shows that the city is still a hot spot for homebuyers. In this article, we’ll take a closer look at the latest figures and trends in Toronto home sales.
The Toronto Real Estate Board (TREB) reports that 11,958 homes were sold in Toronto in March 2021, a staggering 97% increase compared to March 2020. This figure includes all types of homes, including detached, semi-detached, townhouses, and condos. It’s worth noting that March 2020 was the beginning of the pandemic, and real estate activity was significantly impacted by lockdown measures and uncertainty.
Detached Homes Sales on the Rise
One trend that emerged in March 2021 was the significant increase in sales of detached homes. According to TREB, detached home sales increased by 109% compared to March 2020. This could be attributed to several factors, such as the desire for more space and the ability to work from home, which has become increasingly common during the pandemic.
Semi-Detached and Townhouse Sales Follow Suit
Semi-detached and townhouse sales also saw significant increases in March 2021. Semi-detached home sales increased by 83%, while townhouse sales increased by 98% compared to the same period last year. These figures suggest that many buyers are looking for homes with more space than condos can offer, but still want to remain in urban areas.
Condo Sales Lag Behind
Despite the overall surge in home sales, condos are still struggling to catch up. According to TREB, condo sales in Toronto increased by 65% in March 2021 compared to the previous year. While this is a significant increase, it’s still lagging behind the sales figures for detached, semi-detached, and townhouse properties.
Prices Continue to Rise
The surge in home sales is also having an impact on prices. TREB reports that the average price of a home in Toronto was $1,097,565 in March 2021, which is a 21.6% increase compared to March 2020. This suggests that demand is still strong and that buyers are willing to pay a premium for homes in the city.
Conclusion
The latest figures and trends in Toronto’s real estate market show that the city remains a hot spot for homebuyers. Detached homes, in particular, are in high demand, likely due to the desire for more space and the ability to work from home. Semi-detached, townhouse, and condo sales are also increasing, but at a slower pace than detached homes. Prices continue to rise, which suggests that demand is still strong. As always, it’s important to stay informed about the market and work with a trusted real estate professional when buying or selling a home.