GTA April 2021 Real Estate Market Update 

Once again we experienced record sales volumes in the month of April.  The demand for real estate has continued to outpace new listings supply but we did, however, experience a surge of new listings in March and April of this year but increased supply was still not enough to meet demand as active listings are not sufficient to meet months demand so we continue to be in a seller’s market.  

The projections are that we will continue to remain in a seller's market for the balance of 2021 and most likely into 2022 and beyond particularly once immigration opens up.  But as new listings continue to increase we will most likely see a softening up of bidding wars.  Don’t get me wrong that we will for the balance of the year most likely still see bidding wars but the number of offers and the aggressive offers will most likely start to soften up and will probably not see the aggressive price increases that we have seen in the past year – prices will continue to increase but price increases will most likely soften up a bit. 

In April we saw the condo market in both Toronto and suburban areas resurge probably due to the increased confidence that the pandemic will get under control due to the increasing number of people getting vaccinated.

Greater Toronto Area Market Update

In April 2021 the average sales price was $1,090,992 which is 33% higher than in April 2020 but a drop of  -.06% compared to March 2021.  We saw a bit of a softening of the market in April but this may possibly be related to the 3rd lockdown.  Detached homes continue to see the highest price increases, followed by townhomes, semi-detached homes, and condos.

Sales volumes and average sales price appreciation continue to be higher in the 905 suburban areas compared to Toronto.  However, the condo market has definitely rebound in Toronto.  This reflects an indication of increased optimism that the pandemic will be coming to an end in the foreseeable.  The projection is that with more and more people being vaccinated by the fall we will start to see the economy rebound.  

My expectation is that once we get out of the 3rd lockdown we will once again see a surge of new listings that will soften the seller’s market a bit. We will most likely continue to be in a seller’s market but listings won’t see as many offers and hence we won’t see as many aggressive offers or price increases as we have seen in the past year.  I do not expect that we will see a market crash as we have been hearing in the news for two reasons: record low interest rates are here to stay and once immigration opens up it will once again place additional pressure on the availability of housing.  If you are thinking of selling a home now is the right time to list your home. 

If you are thinking of making a move and would like to get a feel for what your home may be worth in our current hot market – reach out.