One year into the COVID-19 pandemic and the London area housing sector continues to break records.
The latest figures from the London St. Thomas Association of Realtors (LSTAR) show the housing market remained red hot last month after 1,296 homes exchanged hands making it the best March on record in over 40 years.
The number of sales increased by 56 per cent compared to March 2020, which marked the start of the global pandemic.
"We've experienced a very robust start to the first quarter of 2021, with the seventh consecutive month of record sales," said LSTAR 2021 President Jack Lane. "Three months into the year, there have been 2,671 sales, up more than 30 per cent over the same period last year."
Low supply and high demand continue to be the driving factor of average sales price across the major areas of LSTAR's jurisdiction.
The overall average home price has jumped to $634,799, which is $18,799 higher than February's average sale price of $616,000. Home prices in the area only broke the $500,000 mark last summer and have climbed significantly ever since.
Single-family homes were yet again the most popular housing type sold in March, with 941 sales.
North London was the most expensive area for home purchases with an average price of $732,163. Average prices in east London have jumped the $500,000 mark, though it was the lowest sale price area last month with an average sale sitting at $504,399.