Real Estate Monthly Market Update – April’2021

Happy May everyone I hope you’re all enjoying the beautiful weather we’re finally having here in the greater toronto area and today we’ve got a great news as the toronto real estate board has just released their market stats for april 2021 of this year in comparison to last year and the numbers are astonishing, The real estate market like you all know is on absolute fire and it’s only gonna get harder from here,

Highlights from APRIL 2021 include:

GTA REALTORS® reported 13,663 sales through TRREB’s MLS® System in April 2021 – a 12.7 percent decrease compared to March 2021, but more than quadruple the number of sales reported in April 2020, when the economic impact of COVID-19 was arguably the worst. Compared to the ten-year sales average of 10,000 for the April 2010 to April 2019 period, the April 2021 sales result was up by 36.6 per cent.

Year-Over Year Summary :

New listings followed a similar track – down by 8.4 per cent compared to March 2021, but more than triple the number of new listings reported in April 2020. Compared to the ten-year new listings average for the April 2010 to April 2019 period, the April 2021 new listings count was up by 18.3 per cent.

Sales Activity and Average Price-

The average selling price of $1,090,992 was up by 33 percent compared to April 2020, but was basically flat relative to March 2021. This was in contrast to most years in the past when the average selling price increased between March and April.

The MLS® Home Price Index Composite benchmark was up by 17.8 per cent year-over-year. The Composite benchmark also increased on a monthly basis, but the pace of monthly growth decelerated.

For March 2021 as a whole, new listings were up 57 per cent year-over-year to 22,709. While representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.

“While sales remained very strong last month, many REALTORS® noted a marked slowing in both the number of transactions and the number of new listings. It makes sense that we had a pullback in market activity compared to March. We’ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth. We may be starting to exhaust the pool of potential buyers within the existing GTA population. Over the long term, sustained growth in sales requires sustained growth in population,” said TRREB President Lisa Patel.

Area wise 

Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.