Here’s a snapshot summary of the significant real estate milestones for Toronto in March 2021 as we come to 13 months since the start of the coronavirus pandemic.

 March sales were 97% higher than last year (15,652) – a record for March on TRREB

 The ratio of sales-to-listings jumped dramatically to 148% in March– putting us into extreme seller market territory

 The March average sale price came in at a record highest EVER $1,097,565– 21.6% above one year ago as we’re in the spring market

 The GTA real estate market overall averaged a quick 10 days-on-market

 Detached home sales in March 2021 with a purchase price over $2,000,000 were up a big 303% (906 houses) while condo apartment sales over $2M also increased by a significant 211% (28 suites) compared to March 2020

 The CONDO townhouse/highrise share of the market maintained 31.8% during the month

 Downtown condo active listing numbers were still UP by 23% in C01 and by 31% in C08 from last year at this time but only slightly above February

 March year-over-year downtown condo sales were up by 105% in C01 and 94% in C08 compared to 2020 with record sale numbers in both TRREB districts

 The downtown condo days-on-market average dropped dramatically to 16 days (C01) and 15 days (C08)

 Reversing the trend seen in the past several months, the ratio of sales-to-listings for condos downtown made a huge jump in C01 to 124% and in C08 to 116% leaving both condo districts in extreme seller market territory

 Because of the influence of higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, the adjusted average condo sale price still showed a decline of 9% - 12% from March 2020

 Despite the doom and gloom you see in the media about the combination condo townhouse and high-rise suite market, March continued the recovery for condo sales – there may only be a short 1-2 month window to take advantage of this market

 March saw detached homes in the 905 appreciate year-over-year by an average 28% while sales were up 47%. 905 condo apartment sales were up 67% while average sale prices rose by a modest 5.4%

 As long as external events don’t happen to influence interest rates or taxes on some types of real estate transactions, all the repressed yearning for normality will continue to cause a flurry of real estate activity...