The first quarter of the 2021 GTA housing market consistently shows record sales numbers, price appreciation and market pace. Comparing March 2021 numbers with the same month last year is somewhat problematic given COVID-19’s market-halting impact mid-March 2020. Looking at the activity for the quarter, the story has solidly been about inventory and pace of sales. February 2021 reported a record fast absorption rate of only 3.5 weeks of inventory in the GTA. Despite a 57% increase in new listings coming on market, March 2021’s absorption was even faster. With an average of 3,612 units selling per week, there was less than 3 weeks of available inventory. Add on a five-year Days On Market low of 10 DOM, and the speed of the market has never been faster. If anyone is looking to sell, now is the time.
The very brief softening of condo prices in Toronto has passed and with sales activity surpassing that of March 2017 – the previous high watermark for the month – it’s fair to anticipate renewed price acceleration for condos in the months ahead.