Market Watch - April 2021
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.
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-Kristina & Rey