Greater Toronto, Ontario, June 3, 2021 - The Toronto Regional Real Estate Board’s “MarketWatch” monthly statistical report was released this morning by Board president Lisa Patel showing continued strength in residential MLS® market activity reported by Toronto & GTA Realtors® in May. Unless otherwise noted, all figures herein are year-over-year comparisons due to the seasonality of the residential housing market.
Bear in mind that the year-over-year comparisons remain in contrast to a market more severely impacted by COVID-19 last year.
Buyer demand remained very strong, though the number of sales remained below that recorded in March, 2021. The overall - comprising all TRREB areas and all home types - figures came in at 11,951 sales on the month, a “rebound” of 160.1%, at an average sell price of $1,108,453, up 28.4% from $863,563 last May. Those March numbers - just for the record - totalled 15,652 sales averaging $1,097,565.
Sales of Detached homes reported in Metro Toronto totalled 1,450, up 75.1%, averaging a sale price of $1,750,518, up 19.2%. The rest of the GTA saw 6,127 Detached sales, up 111.6%, at an average of 1,320,570, 31.4%.
Condo Apartments are most definitely back in vogue: Units sold in Metro T.O. were up 159.1% to 1,881 at an average selling price of $716,976, up a relatively modest 6.3%. In the rest of TRREB’s market area - generally referred to as “The 905” [area code] - sales volume for the group was up 201.5% to 829 units averaging $603,555, up 21.4%.
Inventory remains an issue
With many would-be sellers still asking the question, “Where would we go?”, inventory remains relatively constrained even though the stats reflect large YoY increases in newly listed homes and in overall Active Listings.
Total Active Listings were up an even seven percent YoY to 12,253 available homes on the market for sale...and, remember, that’s comparing to last May’s COVID-influenced numbers. Based on the month’s sales volume we have an “Indicated Forward Inventory” of just 1.03 months of supply meaning that, at the same rate of sales we’d be out of inventory in about 4 weeks in the absence of any new listings.
The “Absorption Rate” indicates how quickly the market’s “absorbing” new listings in the form of sales and was .643.
With Buyers actively seeking Bungalows for sale across Toronto and the GTA - and the broader areas in general - the one storey lifestyle continues to be very much in demand. “Bungalow-specific” statistics including ask/sell prices and lots of other data for the entire South-Central Ontario market area can be found on our QuickStats page, including “Archives”.
Lisa Patel - TRREB President: “There has been strong demand for ownership housing in all parts of the GTA for both ground-oriented home types and condominium apartments. This was fueled by confidence in economic recovery and low borrowing costs. However, in the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak.”
Jason Mercer - TRREB Chief Market Analyst: “While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well.”
Averaging just 11 days on the market [DoM] compared to last May’s 24 days, homes sold “54.2% faster”. The “PDoM” figure, or “Property Days on Market” which includes prior listings of the property by the same Agent, was 15 in May versus 32 one year earlier.
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