By: The Goldfellas

May 2021 Market Update

Tags: REAL ESTATE NEWS, MARKET UPDATE

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:

While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well" - TRREB Chief Market Analyst Jason Mercer
The demand for ownership persists in all parts of the GTA, including condominiums as well as ground-oriented home types. Without the regular pace of population growth fuelling the demand, we are seeing a pullback in the number of sales relative to the March peak, but with a proportional decrease in the number of new listings, the competition remains fierce for well priced homes.

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

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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