Home prices in the Toronto area continued to climb in March while sales were almost double that of the same month a year earlier, when the rapid spread of COVID-19 led to widespread economic shutdowns, the Toronto Regional Real Estate Board (TRREB) reported Tuesday.
Sales in the area reached a record 15,652 last month, up 97 per cent from 7,945 during the same time last year.
The sales growth was so dramatic because it compares with March 2020, when the first economic effects of the pandemic took hold and both buyers and sellers were wary of the market.
Those fears have long since dissipated. Realtors and housing agencies have reported a flurry of sales — surpassing many of their most optimistic predictions — since the start of the year.
Sales growth exploded
They say the number of people willing to purchase now will likely more than make up for last year's low periods.
"Confidence in economic recovery coupled with low borrowing costs supported a record pace of home sales last month," TRREB president Lisa Patel said in a release.
CBC
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