After a year of lockdowns, activity in the province’s housing market is booming, particularly in the 905-area surrounding Toronto, where prices and sales continue to soar, as homebuyers continue to look for more space.For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA), after 15,652 sales were recorded – nearly double the 7,945 sales recorded in March 2020, according to the latest data from the Toronto regional Real Estate Board (TRREB).Last month’s total transactions were bolstered by activity in the 905-area, where 10,418 home sales were recorded — including detached, semi-detached, townhomes, and condos.Of this total, detached homes were the driving factor of activity, with 6,127 transactions recorded — a staggering 111.6% increase from March 2020. Though, it’s important to remember that this was a time when the initial impacts of COVID began to be felt and sales activity dropped dramatically across the province.Detached home sales were followed by 2,076 townhouse sales — a 90.5% increase from March 2020; 1,207 condo sales — up an impressive 99.2% year-over-year; and semi-detached homes, with 1,008 sales — a 95% increase from the same time last year.While the robust market activity is indicative of widespread consumer optimism, it is also shedding light on the sustained lack of inventory in the GTA housing market, with implications for affordability.As sales growth continues to outstrip listings growth by a large margin, TRREB chief market analyst Jason Mercer says the competition between buyers in some market segments — coupled with the potential for double-digit price growth — could continue without any significant increase to the number of homes available for sale.Reference: https://cutt.ly/NcKBf4C
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