Market Watch - May 2021
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.
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-Kristina & Rey