In March, condo sales in the GTA beat out every month over the past two years. And sales numbers were nearly double what they were when the pandemic began a year ago, hitting a record-high of 4,165 transactions.
The City of Toronto saw a little over 2,500 sales in March. Most were concentrated in the downtown core with 907 sales. This was followed by North York, Etobicoke and Scarborough at 559, 338, and 325 respectively. Mississauga, meanwhile, saw the most transactions of all the suburbs with a total of 519. The overall GTA condo market increased in value by 3%.
Throughout a series of COVID-19 lockdowns, GTA homebuyers had been hoping for a drop in real estate prices. But according to Robert Van Rhijn, Broker of Record at Strata.ca, that highly-anticipated drop quickly came and went last Fall.
“We now know in hindsight that the best time to buy during this whole pandemic was in November. That’s when the average price of a GTA condo fell to $610,000.”
Van Rhijn points out that the average condo selling price has increased by $80,000 since the market hit its lowest point.
“This price increase is almost certainly due to those buyers who were once sitting on the sidelines, waiting for the market to bottom out. Now they’re realizing it may be awhile before prices dip again, so they’re trying to purchase whatever they can,” he adds.
In March, GTA condo inventory was up 21% compared year-over-year. But the average condo sold for 5.5% above the asking price, indicating that buyer demand continues to eclipse the properties that are available.
“I suspect that demand will continue to far outpace supply until the early summer months. Come the end of the spring market, those pent-up buyers will likely have purchased by then,” says Van Rhijn.
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