The numbers are in for May 2021 Real Estate Market and we broke another record! Let’s get in to the numbers. May continued to be hot for sales and average prices across the GTA.
We had 11,951 sales in May, which is almost 7400 more sales than we had last year, but last year we were in the midst of the pandemic, April and May numbers really suffered.
Average sale prices in May saw the overall sale price soar over $1M for the fourth time in TREB history.
Single family home results:
Average price of a detached home was just over $1.4M = 37% increase
Average price of a semi detached home was $1.06 = 22.6% increase
Town homes average price was just under $860K = 26.2% increase
The condo segment results:
Overall, average sales price increased by 9.1%. Average price for April was just under $680K.
The condo segment continues to rebound nicely, with average sale prices increasing in both the 905 and the 416. This is definitely a segment that we should expect to grow in the upcoming months.
Overall the market seems to be strong but we are also seeing signs of normalization. The market, although still very healthy, isn’t seeing the crazy frenzy we saw earlier this year. Most homes that are getting multiple offers are seeing a manageable number competing.
The other factor is that the city of Toronto continues to grow in population, which is outstripping the amount of new builds that are needed to satisfy demand. In fact, we are only producing the same amount of new homes that we did over 20 years ago. Unless we have a mass exodus from the city or we have a crazy construction boom, economists are predicting our market will continue to grow.