April 2021 Market Report
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April Real Estate Market Update

04.09.2021 | Real Estate Market

What’s Happening In The Market

For a ninth consecutive month, the Toronto Regional Real Estate Board (TRREB) has recorded a new monthly record for real estate sales. With 15,652 sales reported through the MLS, this represents a 97% increase from last year.

Of course, March 2020 will be widely remembered as the beginning of the Covid-era in North America.

  • During the first 14 days of March 2021, there were 6,504 sales reported, up 41% compared to the pre-COVID period in March 2020;
  • From March 15th to the 31st, there were 9,148 sales reported. This is up 174% compared to the COVID period of March 2020, and a stark reminder of the initial impact COVID-19 had on the housing market and overall economy.

Sales were up for all major housing types. Single detached homes led the way with an annual increase of 103.5%. Of the 7,557 detached homes sold, 6,127 were in the 905 regions. Sales of semi-detached homes were up 98.5% with 1,479 sales, and townhomes rose 90.5% with 2631 sales. Condominium sales were up 91.3% with 3,821 sales.

Rising demand for ground-level housing outside the City continues to be a trend to monitor. In March, roughly 79% of all low-rise sales occurred in the 905.

Housing supply continues to be a key statistic to follow. Though New Listings rose by 57.3%, Active Listings are down 0.7% from the same period last year. At the end of the month, there were only 10,603 Active Listings, representing a 0.7-month housing supply.

Of course, if there is so little supply, how can there be record-sales? The answer is in the pace of sales absorption, also known as Days on Market. For March, the average sale took 10 days. This is down 23.1% from a year ago and 50% from March 2019. Homes are selling as fast as they come to market. And it varies with housing type and region. Single detached homes sold in 9 days on average for all of TRREB, but in only 7 days in Newmarket, 6 days in Toronto’s C01 district and 5 days in Orangeville. Semi-detached and townhomes are selling in 7 days on average. Condo-apartments are selling in 14 days, increasing the average but still transacting at a rapid pace.

These ‘seller’s market’ conditions are putting upward pressure on home prices. March’s average sales price of $1,097,565 was an increase of 21.6% year-over-year. The MLS Home Price Index (HPI) Composite Benchmark was up 16.5%.

Looking at price by category, detached homes sold for an average of $1,402,849, representing a year-over-year increase of 26.6%. The average price for semi-detached homes was $1,045,519 (+17.5%) and townhomes rose to $870,553 (+20.7%). The average price of condos was $676,052, up 2.6% from a year earlier. Worth noting, condo prices in the 905 were up 13.5% on average.

For over 36 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at info@christensengroup.ca or calling us at 416-441-2888 ext. 772.

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