Numbers are strong compared to this time last year when COVID impact was arguably its greatest. Sales showed slowing down compared to last month possibly due to pool of buyers showing exhaustion. Selling prices remained high in part due to low borrowing costs and strong demand.
Strong buyer demand continued into March while new and active listings gain more traction. Considering COVID-19 measures were enacted mid-March 2020, we still saw 41% more sales activity compared to the 1st half of March 2020 and 174% in the 2nd half.
Strong buyer demand continued into February, especially in suburbs around the City of Toronto, again outpacing supply. Even condo activity has increased by 64.3%. Population growth and widespread vaccinations could magnify these issues later in the year.
Strong price growth from high sales activity outpacing new listings. Largest increases came from low-rise homes.
Housing market recovered as a whole with record average selling prices reported for December with strongest growth low-rise homes surrounding Toronto. Low-rise: Lower supply fuelled strong price growth. Condos: Higher supply led to price stagnation.
Despite slight contraction from October, record volume and prices continued for November year-over-year. For condos, greater choice from improved supply resulted in more affordable pricing.
Year-over-year stats improved. Although sales slowed slightly from September, average prices of homes went up except for condo apartments. These were still overall record numbers for the time of year. TRREB expects the pent-up demand activity to continue.
Strong buyer activity continued into September due to favourable borrowing conditions and pent up demand. Sales of all residential building types saw positive trends, especially low rise.
August market was hot with 20% price growth and 40% increased volume from last year. This is credited to improving economic conditions, more buyers and sellers staying local rather than vacationing, and favourable borrowing conditions.
We have strong growth in July coinciding with Stage-3 reopening, fewer people travelling, and economic recovery. Almost 50% more transactions occurred compared to the previous month.
