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:
- The Toronto Regional Real Estate Board reported 13, 663 home sales in the GTA; an increase of 362.1% compared to April 2020.
- There were 20,825 new listings in the GTA; an increase of 237% compared to April 2020.
- Despite still operating at more than 30% abover the average April sales levels of 10,000, this decrease in buying power has translated to the overall average price cooling off by 3.6% in April, compared to March.
- Toronto’s average selling price reportedly increased by 33% since last April. The growth is driven by the increased demand for housing over the course of the pandemic.
- The Toronto condo market continues its recovery trajectory with a 3% gain in just the last month alone, totalling a 9% gain since January of this year.
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 firstname.lastname@example.org
Zubin Abuwalla | Direct: 416-389-8019
Mansoor Ahmed | Direct: 647-297-1721
Karl Abuwalla | Direct: 647-883-0874