We did not need the stats to tell us the market was on fire in March!
We saw 7,206 new listings hit the market with an average sold price of $1,083,322. That’s a 9.6% year over year change. With the overall average days on market at 17 days versus 20 last month.
Condos: The average sale price is now only down 0.6% year over year, this means we have now reached almost Pre-covid condo prices! That is monumental. This brings our average condo sale price to $707,835 from $676,837 last month.
Next we have Detached homes. They have improved dramatically since last year. We see a 19.4% year over year growth reaching an average sale price of $1,750,518, up from $1,684,073 last month. This is the highest jump in the market.
Semi-detached and freehold townhomes/row homes also saw an increase in price of 11.4% and 9.6% respectively. The average semi sale price now sits at $1,288,005 and freehold townhouse at $1,212,049.
Since April the market has shown signs of cooling off. With more listings hitting the market, more properties relisting after offer night, and now with the news of an increased stress test. We have yet to see the repercussions on the market.
Don’t hesitate to reach out to understand the market on a micro level in your specific building or neighborhood.
