By: The Goldfellas

April 2021 Market Update

Tags: REAL ESTATE NEWS, MARKET UPDATE

 

 

It's important to note that since last April felt the full impact of the pandemic, undergoing a whopping 65% hit to home sales from March when shutdowns were first declares, we're finding the usual numbers don't quite illustrate the full picture. Since market activity had all but flatlined one year ago, we're seeing the numbers illustrate year-over-year gains of over 360% for the total number of sales, as well as a 237% increase in new listings, between April 2020 and 2021. 

  

Here’s what happened last month in the GTA:

Despite a modest slowing in market activity in April compared to March, selling prices for all major home types remained very high. Low borrowing costs during COVID-19 clearly had an impact on the demand for and price of ownership housing. While the pace of price growth could moderate in the coming months, home prices will likely continue on the upward trend. Renewed population growth over the next year coupled with a persistent lack of new inventory will underpin home price appreciation" - TRREB Chief Market Analyst Jason Mercer
It's important to note that these increases during Covid were riding on the back of low borrowing costs and a change in consumer preference, but the underlying price appreciation is really only sustainable with a steady population growth, which is clearly falling behind with the current circumstances. 

To sum up this month’s data, it looks like there is a continued increase in demand for housing and as the immigration engine roars back to life and the suppy of housing continues to be an issue, we'll likely see the price continue its upward trend. 

 

Is now the time to buy? It might depend on what your desired areas and budget are. Is now the time to sell? YES.

Think you’re ready to start looking? Download our Ultimate Guide to Buying your Dream Home here and check out our home search function here!
 
What should you do if you’re thinking about buying or selling? Check out our sellers guide here and give Zubin, Mansoor or Karl a call. Market conditions are changing quickly, but we have you covered. Let us make a plan that works for you based on price, location and timelines. We know our market and we’re here to help.
 
Read the full TREBB report here

Reach Out Today! We have you covered.
Email us at info@thegoldfellas.ca

Zubin Abuwalla | Direct: 416-389-8019
Mansoor Ahmed | Direct: 647-297-1721
Karl Abuwalla | Direct: 647-883-0874

 

 

 

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