TRREB’s March Market Report Reveals Insights into Latest GTA Home Sales

A Fascinating Side-By-Side Comparison of March 2021’s GTA Home Sales Versus March 2020’s Sales—at the Outbreak of COVID-19

TRREB’S March Market Insights

The Toronto Regional Real Estate Board (TRREB) has now released its market data for March’s GTA home sales. With these stats to hand, we can now compare March 2021’s sales data against data from last March, when COVID-19 first took its toll on our communities. The good news is, these year-on-year stats show that things are starting to look up for the Greater Toronto Area in many respects. For example, more buyers are taking advantage of favourable borrowing costs, and we’re seeing continued improvement in various economic sectors.

Having closed a total of 15,652 sales last month, GTA Realtors® have almost doubled their March 2020 sales. Though this is an impressive increase, we should keep in mind that sales activity came to a sudden stop in mid-March 2020. Therefore, it’s best to evaluate annual sales growth by looking at the pre-COVID period (March 1–14, 2020) and the COVID period (March 15–31, 2020) separately.

Here, we’ll dive into March 2021’s stats and explore how far the GTA’s housing market has come since Canada’s first COVID-19 outbreaks.

GTA Home Sales: TRREB’s March 2021 Statistics

Below, you’ll find the main conclusions from TRREB’s March 2021 Market Watch report.

  • GTA realtors closed 6,504 sales during the first half of March 2021. This is 41% more than homes sold in pre-COVID March last year.
  • During the second half of March 2021, realtors closed 9,148 sales. This is 174% more than homes sold in the latter half of March 2020. Of course, this was when COVID-19 initially brought the country to a halt. This huge increase in GTA home sales illuminates the damage that the pandemic had on the economy and housing market this time last year.
  • Throughout March 2021, new listings rose by 57% year-on-year, climbing to 22,709. Though this is a strong increase, March’s annual growth rate for listings is well below the sales growth rate.
  • The MLS® Home Price Index Composite Benchmark rose by 16.5% in March 2021 (compared to March 2020). Over the same period, the average selling price grew by 21.6% to $1,097,565. Low-rise home sales in regions surrounding the City of Toronto continue to drive this price growth.

March’s Region-Specific Sales

In March alone, realtors closed:

  • 1,647 home sales in the Halton Region.
  • 3,185 in the Peel Region.
  • 2,911 in the York Region. 
  • 2,077 in the Durham Region.
  • 5,130 in the City of Toronto
  • 114 in Dufferin County.
  • 588 in Simcoe County.

Taking a closer look at March’s home sales in Toronto alone, realtors closed 1,295 residential property sales in Toronto West, 2,567 in Toronto Central, and 1,268 in Toronto East. 

More GTA Home Sales, More Listings, and Higher List Prices

As residential transactions and the number of listings in the GTA have risen exponentially, buyers now have much more choice when it comes to securing their new homes. This is positive news following last month’s lack of supply for the growing post-pandemic demand.

Meanwhile, our gradual recovery of the housing market and economy post-COVID-19 has also led to a climb in the average selling price, putting prospective sellers in an increasingly better position to list their homes on the market. If you’re thinking about selling your home, you should find some useful tips and insights in our blog posts on how to determine optimal list prices and how to sell your house quickly.

How Storey Collective Can Help

Here at Storey Collective, we serve communities in Georgetown, Toronto, Mississauga, Oakville, Milton, and Burlington. You can check out each community page to catch up on our year-over-year and month-over-month market summaries.

If you’d like to close the best possible deal when selling or buying property in the GTA, you can get in touch with Storey Collective for a free phone consultation.