Market Watch March 2021

& Update  

In March 2021, the real estate market hit a record of 15,652 sales across the Greater Toronto Area through TRREB MLS system, nearly double sales of March 2020. The average selling price keeps on arising to close nearly $1.1M; up by 21.6% compared to same period 2020. The consistent growth in most of urban and sub-urban areas remains favourable at low borrowing cost, the continued supply-demand imbalance, the buyers with optimistic economic forecast and the secure way to protect their money values.

 

A  stay-at-home order again has been started since 8 April 2021.  Below are the 3740 sales and 1875 sales of houses and condos respectively recorded from 1 April to 13 April 2021.  It is believed that the sales pace gets a bit slow down, not quick selling home, impacted by less showings during the current covid-19 "3rd wave".

Toronto's downtown office vacancies have hit a 13-year high because of COVID-19. But there are signs that's about to change

As the pandemic enters a third wave, Toronto's downtown office vacancies have hit a 13-year high of 9.1 per cent, according to a first quarter report from CBRE. It shows that vacancies are up nearly two per cent since the final quarter of 2020 with rents falling about a dollar to $34.88 per sq.

"There are signs the trend is moderating.  With the rollout of vaccines, businesses are beginning to make plans to bring their employees back to the office" said Jon Ramscar, managing director of the commercial real estate company. 

It is recorded that the average selling price of "416" condo market is $675,844 in March this year; up to 3.33% compared $654,047 in February this year.  More bidding wars in downtown condo market have come back to reach at higher sold prices and selling faster.  The condo price rebounds and the bottom price may be missed though.  The wider price gap between low-rise and condo apartment properties, the more investor/first-time buyers shift back to condo markets with relatively smaller fund required.  The property investment is generally recognized as a buffer against the inflation.  

Market Watch Full Report for March 2021
中文報告
9120 Leslie Street, Richmond Hill, ON, Canada
647-298-1234

Share on social

Share on FacebookShare on X (Twitter)Share on Pinterest

leungchristina.com