Sugar wharf condos phase 3 . House prices rose by 21.6%. In 2021, the average property price rose by 21.6%, and trading was also buoyant, with an annual growth rate of 97%, mainly due to the recent outbreak of the COVID-19 epidemic in the same period in 2020 and the shutdown of the property market and the economy.
Property prices in Toronto rose 21.6 per cent year-on-year to an average of 1097565 yuan in March, compared with 902787 yuan in the same period last year, while property transactions rose 97 per cent to 15652, compared with 7945 in the same period last year, the Toronto Real Estate Bureau said.
The property Bureau said that the volume of property transactions nearly doubled in March, mainly due to the severe blow to property transactions and economic activities at the beginning of the outbreak last year, and that both buyers and sellers were very cautious.
However, as the epidemic has been going on for a year, the fear in the market has been dispelled, and since the beginning of 2021, the market has been optimistic about the outlook for the property market.
Lisa Patel, president of the Toronto Real Estate Bureau, said confidence in the economic recovery and lower borrowing costs gave impetus to the property market in March.
The Toronto real estate bureau said that in the first half of March, the volume of property transactions in Toronto was 6504, up 41 per cent year-on-year, but in the second half of the month, the transaction volume soared, rising 174 per cent to 9148 in the following year.
The significant difference in trading performance in the first and second half of March was due to the announcement of a global outbreak by the World Health Organization on 11 March 2020, followed by restrictions introduced by the Government, resulting in a sharp drop in property transactions.
Among all the properties, the price of independent houses rose the highest, reaching 26.6% to an average of 1402849 yuan, semi-detached houses rose 17.5% to an average of 1045519 yuan, town houses rose 20.7% to an average of 870553 yuan, and Pak Wen property prices rose the smallest, with an annual increase of only 2.6%, with an average price of 676052 yuan.
Jason Mercer, chief market analyst at the Toronto Real Estate Bureau, said that with the increase in transaction volume, there will be a larger increase than the new market, which will lead to continued bidding in some areas, and transaction prices will continue to show double-digit percentage growth.