What the Numbers Tell Us

A year ago, many Torontonians expected prices to drop—hard. Fast forward to today, and we find ourselves in a market so hot that cooling measures have been introduced (both through the new federal budget and changes to the stress test).

The figures we’ve been seeing over the last few months are the reason these changes have happened. Let’s take a look at what went on in March.

Once again, we’re looking at record numbers in the GTA. There were a reported 15,652 sales—nearly twice those we saw in the same month of last year. Of course, we need to think about year-over-year numbers in the context of the pandemic. TRREB rightly points out that March of 2020 can effectively be split into pre-COVID and COVID periods, which were dramatically different in terms of sales. That said, the March market of 2021 was on fire by any standard.

Along with sales, average prices were (for the second month ever) above the $1 million mark. At $1,097,565, it rose by 21.6% year-over-year. In the GTA, prices were up across property types (and included a modest uptick for condos).

Looking at the Luxury Market

Now let’s consider what’s been happening in the local luxury market. For detached homes, the March benchmark was $2,500,000. Meanwhile, the most active price range was between $2,500,000 and $2,699,999.

Home sold for a median of 100% of their list price, and the median days on market dropped from 15 in March of last year to just seven last month. Needless to say, it was a seller’s market.

In the luxury condo sector, the benchmark price was $915,000, and the most active price range was between $915,000 and $999,999. Median unit sales were up by an impressive 149% from March of last year, representing a huge jump. That said, the median price was down (albeit very slightly).

On the whole, the luxury condo segment represented a seller’s market. At the same time, there was an increase in inventory year-over-year, presenting opportunities for those who want to get in on the ground floor.

Ready To Make a Move?

It doesn’t matter whether you’re an aspiring buyer or a seller preparing for your next chapter. There are opportunities to be found in the Toronto market—you just need to know how to take advantage of them. That’s where a skillful local agent comes in.

When you’re ready, I’d be happy to help you make the most of the current market. Simply get in touch to start a conversation about your real estate goals and desired lifestyle!