Greater Toronto Home Sales Down in March, But Competition Pushes Prices Up: Board
The Greater Toronto Area (GTA) experienced a decline in home sales in March, according to the latest report from the Toronto Regional Real Estate Board (TRREB). However, despite this decrease, competition among buyers continued to drive up prices.
The report revealed that there were 8,012 home sales in the GTA in March, a 14.5% decrease compared to the same time last year. This decline can be attributed to the ongoing COVID-19 pandemic and the resulting economic uncertainty.
Despite the decrease in sales, the average selling price for all home types in the GTA increased by 21.6% to $1,097,565. This is a significant jump from the average price of $904,780 in March 2020.
The TRREB noted that the increase in prices was driven by competition among buyers, as the number of new listings also decreased by 8.4% compared to last year. This resulted in a tight market with a sales-to-new-listings ratio of 90%, indicating a strong seller’s market.
In the City of Toronto specifically, the average selling price for all home types was $1,097,565, a 10.8% increase from last year. The average price for detached homes in the city also saw a significant increase of 15.2%, reaching $1,755,000.
The report also highlighted the impact of low-rise homes on the overall market. The average selling price for detached homes in the GTA increased by 26.3% to $1,755,000, while the average price for semi-detached homes increased by 17.2% to $1,300,000.
Despite the challenges posed by the pandemic, the GTA real estate market continues to show resilience and strong demand. The TRREB predicts that the market will remain tight in the coming months, with competition among buyers expected to continue driving up prices.
In conclusion, while the GTA saw a decline in home sales in March, the market remains highly competitive, resulting in an increase in average selling prices. The TRREB will continue to monitor the market closely and provide updates as the situation evolves.
