Apr 06, 2021

By Jane Brown

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Toronto’s red hot housing market is showing no signs of cooling down.

The latest report from the Toronto Regional Real Estate Board says home prices continued to climb in March 2021, and sales were almost double that of the same month a year earlier when the rapid spread of COVID-19 led to widespread economic shutdowns.

Sales hit a record number of more than 15,652 last month, up 97 percent from 7,945 in March of 2020.

And the average home price in the Toronto region jumped to $1,097,565 from $902,787 last year, while listings shot up by 57 per cent to reach 22,709 from 14,434.

So is it a good time to sell if you’re an empty nester looking to downsize?

David Cravit is a demographic expert and VP at ZoomerMedia and says this is more complicated than it would seem for Zoomers.

“Where are you going to move to and how much equity is stranded in your property that you can convert into cash, and if you cash out and you’re very wealthy on paper, where do you go next?” Cravit asks, “There are a lot of decisions that have to be made.”

There has been speculation that the housing bubble may be about to burst, but with interest rates still at historic lows, there’s no real evidence of this.

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