Despite the recent increase in stress tests pushing buyer affordability lower, as well as the frenzy that took place in the last 12 months, the real estate market is continuing to show resilience, reaching new heights last month. This includes reaching a new record sale average of $1.1 million dollars.
Here’s what happened last month in the GTA:
- The Toronto Regional Real Estate Board reported 11,951 home sales in the GTA; an increase of 160.1% compared to May 2020.
- There were 18,586 new listings in the GTA; an increase of 103.7% compared to May 2020.
- Often, May is the strongest sales month in any given year; however, 2021 results bucked this trend, with May sales below the 15,646 deals reported in March.
- Toronto’s average selling price reportedly increased by 28.4% since last May. This brings us to a new record average of $1,108,453.
- The Toronto condo market is picking up the pace with significant increase in the number of rentals, up over 13,000 in the month of May alone.
To sum up this month’s data, it appears that as the weather is starting to heat up so is the market! This month we've reached a new record average sale price of $1.1 million dollars and the demand for ownership has continued to persist in all parts of the GTA. Once global vaccine uptake is substantial, we will likely see an increase in non-permanent migration, fuelling the demand for ownership and rental housing.
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
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Zubin Abuwalla | Direct: 416-389-8019
Mansoor Ahmed | Direct: 647-297-1721
Karl Abuwalla | Direct: 647-883-0874