NEWS

Home sales remained below the March 2021 peak, however, were up from last year. There were also a lower number of transactions reported May 2021, which is consistent with the regular seasonal trend, but the number of sales was up by 28.5% compared to June 2020. The average selling price for all home types combined was up by 17% year-over-year to $1,089,536. However, it is also important to note that the year-over-year sales growth was strongest in the condominium apartment segment both in the City of Toronto and some of the surrounding suburbs.


TRREB MLS Sales & Average Price by Major Home Type (June 1 – 30, 2021)

Over the last three months, it seems that market activity has transitioned from a record pace to a more robust pace. While this may provide some short term relief for home buyers, it’s anticipated that population growth will resume with immigration in the coming months. As such, an increase in supply to meet perpetual housing needs is probably the only long term solution to affordability.


Please feel free to reach out to us at any time if you are looking to get an opinion from a real estate agent or are seeking any advice or guidance. We are more than happy to help or answer any questions you may have.


It’s our family helping yours!


Keep safe.


-Kristina & Rey


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Market conditions remained firm enough in May 2021 to push the average selling price to an all-time record of $1,108,453, up by 28.4% year-over-year. This was despite a slight decline in sales over the last two months, with May sales being below the 15,646 deals reported in March. Typically, May is the strongest sales month in any given year.


Fueled by confidence in economic recovery and low borrowing costs, there has been a strong demand for home ownership in all parts of the GTA for both ground-oriented home types and also condominium apartments. There were 11,951 reported sales in May 2021, which was more than double the result from this time last year (bearing in mind that May 2020 was the second full month of the pandemic). On a seasonally adjusted basis, the average price increased by 1.1% between April and May.


TRREB MLS Sales & Average Price by Major Home Type (May 1 – 31, 2021)

People actively looking to buy a home continue to face a lot of competition from other buyers. Despite the lower number of sales, so to have new listings, which results in upward pressures on selling prices. It appears that this competition is also becoming more widespread with tighter market conditions in the condominium apartment segment as well.


It is important to get an opinion from a real estate agent to get an idea of the market in your neighbourhood and to accurately price your home if you are considering selling. We are here to help provide advice and guidance, so please feel free to reach out to us at any time. We are more than happy to help or answer any questions you may have.


It’s our family helping yours!


Keep safe.


-Kristina & Rey


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Last year, April 2020, was the first full month of the pandemic. As a result, home sales in the Greater Toronto Area for April 2021 set a new record by quadrupling that from April last year. Despite this, sales actually declined when comparing month-over-month from March 2021. New listings also followed a similar trend, and was down by 8.4% compared to March 2021. Although sales remained strong, it appears that there was a slight slowing in the number of transactions and number of new listings. This does makes sense given the stifling pace of home sales since summer of 2020 while seeing little in population growth. So this can be an indication that the existing pool of buyers within the GTA are being depleted.


Despite a moderate slowing in market activity for April, selling prices for all major home types remained high. The average selling price was up by 33% to $1,090,992 when compared to April 2020, but did not change much relative to March 2021.


TRREB MLS Sales & Average Price by Major Home Type (April 1 – 30, 2021)

The low borrowing costs during COVID-19 clearly have had an impact on the price of owning a house as well as the demand. It is anticipated that the pace of price growth could be moderate in the coming months, home prices will likely continue on a upward trend. This also depends on renewed population growth over the next year in addition to a lack of new inventory.


Whether you are looking to buy or sell, please do not hesitate to contact us any time for advice, discuss strategy, goals and objectives. We would be glad to answer your questions. Working with a real estate agent enables you to get a sense of the market in your neighbourhood, price your home accurately and to effectively advertise and market your listing. We are here to help provide advice and guidance. Please feel free to reach out to us at any time. We are more than happy to help or answer any questions you may have.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



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