It is amazing, the first quarter of 2021 is now complete. The residential real estate market started out at a blistering pace that continued throughout the quarter. The number of transactions for the month of March is up almost 100% across the Great Toronto Area, doubling last year’s production for the month. Prices are up over 21% compared to March of last year. The large increases in sales volume and prices are in direct relation to the beginning of the COVID-19 outbreak when business seemed to be put on a temporary hold leaving the market with a great amount of uncertainty.
It is interesting to witness how the real estate market has been able to prevail during these turbulent times. The resale condominium market continues to play catch-up with sales up almost 90% across the GTA with prices now starting to appreciate, up almost 3% over last March.
The demand for real estate continues, with active listings down and limited supply buyers are turning to new construction opportunities across the City. From freehold detached homes to condominium highrises, developers have started to play catch-up with the release of many new projects across the city. Please contact me today if you have any questions about real estate investment opportunities across our great City.
I look forward to connecting with you soon.