Your Weekly Toronto Real Estate Snapshot: March 4 – 10, 2020
The early spring real estate market continued to ramp up across the Greater Toronto Area, as sales in the first week of March eclipsed February activity, and strong gains were noted across nearly every home type on an annual basis.
Demand remained consistently strong for detached houses with a total of 139 sold in the City of Toronto, up 67% on a monthly basis and 36% from the same time period in 2019. Performance was similar in the 905 markets with 579 sold, up 58% m-o-m and 33% y-o-y. The smaller semi-detached segment experienced some volatility over the long term in the 416 with 33 transactions, up 83% m-o-m and down -6% y-o-y, due to restricted supply rather than lack of buyer interest. In the 905, 107 sold, up 53% m-o-m and 15% y-o-y.
The townhouse segment actually saw the sharpest pace of sales growth of any home type; 31 sold in the 416, up 107% m-o-m and 48% y-o-y, while 104 sold in the 905, up 82% m-o-m, and 44% y-o-y. Meanwhile, demand for Toronto condos continues to rise – a total of 189 units traded hands in the city, up 17% m-o-m and 22% y-o-y, while 310 sold in the 905, up 30% m-o-m and 29% y-o-y.