APRIL 2021 GTA Real Estate Market Update

The Toronto Regional Real Estate Board (TRREB) has released the sales figures for April. 13,663 transactions reported through the local MLS represent a new monthly sales record for April, making it the tenth consecutive month with record-setting sales. 

April 2020 will be remembered as the first full month of the pandemic, making for poor comparisons…sales were up 362.1% from the same time last year. However, if we consider the 10-year sales average of 10,000 for the month of April, sales were up 36.6% from what is typical for this time of year. 

Bucking the seasonal trend, the number of sales declined by 12.7% in April when compared to March. That said, this is likely a function of housing inventory, rather than a reflection on demand. Though new listings exceeded the 10-year average by 18.3%, they were down 8.4% from March. With only 11,668 Active Listings on the market, the supply of housing now sits at 0.85 months or roughly 26 days. 

Listings continue to sell quickly. The average sale in April took place within only ten days on market, although this varies with the housing type and region. Single-detached homes sold in ten days on average for all of TRREB’s districts, but in only six days in Toronto’s W01 and W02, and in eight days in Ajax and Oshawa. Semi-detached is selling, on average, in eight days, and townhomes are selling in nine days. Condo-apartments are selling in 12 days, a slightly longer period, but still transacting at a rapid pace.

Demand for ground-level housing outside the city continues to be one of the major storylines of the past 12 months. In April, roughly 77% of all low-rise sales occurred in the 905 as buyers look for more space and lower price points than can be found in the 416. 

These intense seller’s market conditions are placing upward pressure on home prices. April’s average sales price of $1,090,992 was an increase of 33% year-over-year. The MLS Home Price Index (HPI) Composite Benchmark, which serves as a better indicator of annual inflation, was up 17.8%. The biggest increase in value was found in single-detached homes, which are up 24.51% for April. 

Looking at price by category, detached homes sold for an average of $1,387,629, representing a year-over-year increase of 41.3%. The average price for semi-detached homes was $1,068,923 (+23.6%) and townhomes rose to $857,574 (+25.9%). The average price of condos was $691,791, up 19.6% from a year earlier. Worth noting, condo prices in the 905 were up 25.1% on average.

The market for real estate remains strong across the GTA. Though the pace may be slightly less frenetic than in March, supply remains tight, prices are rising, and homes are selling quickly. If you intend to buy or sell real estate, be sure to speak with a Harvey Kalles Real Estate sales professional to place yourself in the best position for a successful outcome.