The Capitol Residences . The housing market in Toronto is heating up unusually. While the COVID-19 epidemic is still quite severe, sales of second-hand homes in Toronto, Canada’s largest housing market, nearly doubled year-on-year, while sales in Vancouver, which is considered to be less risky, more than doubled in the same month.Please Visit: The Capitol Residences to Get Your VVIP Registration Today!
Home sales in the greater Toronto area in March were 10, 5652 units, up 97% from the same period last year, according to figures released by the Toronto Real Estate Bureau on Tuesday, April 6.
The real estate bureau said that because commercial activities were suddenly shut down in the second half of March last year because of the COVID-19 pandemic, the market data were divided into the first half and the second half.
Sales in the first 14 days of March were 6504, an increase of 41 per cent over the same period last year; from March 15 to 31, sales were 9148, up 174 per cent from a year earlier.
According to a report released by the Vancouver Real Estate Bureau on Tuesday, property sales in Dawen area in March 2021 were 5708 units, an increase of 126.1% year on year, 53.2% higher than the sales volume in February this year, and 72.2% higher than the 10-year average sales volume in March. It is the highest monthly sales volume in the region.
Ms. Lisa Patel, president of the Toronto Real Estate Bureau, said: “confidence in the economic recovery and low borrowing costs contributed to the record growth in home sales last month. Although strong market activity shows that consumers are generally optimistic, the data also show that the greater Toronto housing market continues to lack inventory. ”
Taylor Biggar, president of the Vancouver Real Estate Bureau, said: “in March, residents in our area bought and sold houses at unprecedented levels. The surge in housing activity is adding to the upward pressure on prices, and we have seen a double-digit increase in the price of single-family homes over the past year. ”
The price of independent houses in Greater Toronto rose 26.6% in March compared with the same period last year, the sales volume increased by 103.5%, and the average price exceeded 1.4 million yuan; the price of semi-detached houses increased by 17.5%, the sales volume increased by 98.5%, and the average price exceeded 1 million yuan; the price and sales volume of town houses increased by 20.7% and 90.5% respectively, and the average price exceeded 870000 yuan. The price and sales volume of the apartment rose 2.6% and 91.3% respectively, with an average price of more than 670000 yuan.
Overall, the composite benchmark price of the MLS housing price index rose 16.5% in March from a year earlier; the average selling price increased by 21.6%. The average price of housing in Greater Toronto is 1097565 yuan.
In march, the number of newly listed properties for sale rose 57 per cent year-on-year to 20, 2709. Although the number of homes for sale is growing strongly, it is still far below the growth rate of sales.
Jason Mercer, chief market analyst at the Toronto Real Estate Bureau, said: “with property sales, including the apartment market, growing much faster than those listed, bids and double-digit price increases for some types of houses are likely to continue if we do not see a significant increase in supply.”
In the Vancouver housing market, the composite benchmark price of the MLS housing price index for all residential properties in Dawen District was 1,123,300 yuan, an increase of 9.4% over the same period last year and 3.6% over February 2021. Among them, the base price of independent houses was 17.9%, up 17.9% from the same period last year, and sales increased by 130.6%. The benchmark price of even townhouses was 872,200 yuan, an increase of 10.4% over the same period last year, and sales increased by 112.2%. The benchmark price of the apartment was 715,800 yuan, up 3.7% from the same period last year, and sales rose 128.8%.