Home sales in Mississauga surged by 86.6% year-over-year in March to reach 1,411, according to the city’s real estate board.

“March was a record-setting month for resale homes in Mississauga,” Asha Singh, president of the Mississauga Real Estate Board, said in a statement. “MLS home sales set a new monthly record in March. We also saw a significant increase in the number of newly listed properties during the month. The infusion of new listings combined with the strength in demand set the stage for the average price to cross the million-dollar market for the first time in history.”

There were 3,067 home sales in Mississauga through the first three months of the year—a 63% increase over the first quarter of 2020.

The total value of home sales nearly hit $1.5 billion last month—a 130.4% increase over March 2020, and the largest amount ever recorded for any month—and easily smashed the previous record of $485 million. Singh anticipates buyer activity will really heat up as COVID-19 vaccines become more readily available.

“As vaccines become more widely available, pent-up supply from sellers that have been riding out the pandemic in their home for the last year should start to come online. This should continue to fuel the market through the spring and summer months.”

The benchmark price of a single-family home in Mississauga increased by 19.2% year-over-year to $1,281,200 in March, while townhouses rose by 27.7% to $874,600, and condos climbed 4.4% to $611,000. Last month, the average sale price of a home was $1,061,988, up 23.5% from March of last year, while the year-to-date average price of a home increased by 17.7% year-over-year to $1,003,087.

According to the real estate board, new listings shot up 45.8% last month to 1,976, which is the largest number of new listings in March in over 10 years, while active residential listings marginally fell by 0.9% year-over-year to 889.

There were only 0.6 months of inventory at the end of March, declining from 1.2 months a year earlier and below the 1.5 months long-run average for the time of year.