Toronto Market Update – April 2021

Posted by Nutan Brown on Tuesday, May 11th, 2021 at 12:48pm.

The Toronto real estate market continued to show exceptional year-over-year growth in April. According to TRREB, 13,663 homes were sold resulting in a whopping 362% increase from the 2,957 properties sold last year during the same time.

The average selling price in April showed a similar trend, with a 33% increase year-over-year to $1,090,992, while new listings grew 237%.

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Detached homes lead the way with 6,516 sales and an average price of $1,503,970, up 41.3% year-over-year.

Condo apartments accounted for 3,290 of the overall monthly total with an average price of $669,739, up 19.6% year-over-year.

These year-over-year increases are not surprising, since it was during this time last year that COVID first hit and the market came to a halt.

However, compared to March home sales were down 12.7% from 15,652, suggesting that the housing market may be cooling down after 3 months of bidding wars and soaring prices.

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TRREB's chief market analyst, Jason Mercer, described this decrease as "modest slowing" and pointed out that prices across all major home types remain very high.

They were boosted in recent months by low borrowing costs during COVID-19, which sparked demand for housing, he said.

Will the Toronto housing market remain strong to close out the spring? Stay tuned for next month's Toronto Market Update to find out!

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