GTA REAL ESTATE MARKET UPDATE - JUNE 2021
Tags: HOMES FOR SALE, TORONTO, MISSISSAUGA, MILTON, BRAMPTON, OAKVILLE, VAUGHAN, GTA
The Resale Real Estate Statistics for the Month of May 2021 are in and Here are the Key Facts
- 11,951 sales reported through Toronto Real Estate Board’s MLS (up 160.1% from May 2020).
- Average selling price of all home types was up 28.4% year over year.
- Only 1.03 months of standing inventory.
Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.
Toronto Statistics - Year over Year Average price change
|
|
Yr/Yr Change |
Monthly Change |
|
Detached |
20.7% |
1.0% |
|
Semi Det |
16.0% |
1.3% |
|
Townhouse |
20.6% |
0.8% |
|
Condo Towns |
12.0% |
-2.8% |
|
Condo Apartment |
6.4% |
-1.4% |
Mississauga Statistics – Year over Year Average Price change
|
|
Yr/Yr Change |
Monthly Change |
|
Detached |
38.7% |
-2.0% |
|
Semi Det |
22.8% |
-2.7% |
|
Townhouse |
25.6% |
-1.0% |
|
Condo Towns |
22.6% |
0.7% |
|
Condo Apartment |
15.7% |
-1.3% |
Brampton Statistics - Year over Year Average Price change
|
|
Yr/Yr Change % |
Monthly Change % |
|
Detached |
31.4% |
1.0% |
|
Semi Det |
23.6% |
0.0% |
|
Townhouse |
18.2% |
-2.7% |
|
Condo Towns |
21.0% |
-0.9% |
|
Condo Apartment |
11.2% |
-0.1% |
Milton Statistics - Year over Year Average Price change
|
|
Yr/Yr Change |
Monthly Change |
|
Detached |
40.4% |
-0.7% |
|
Semi Det |
24.2% |
-0.9% |
|
Townhouse |
26.0% |
0.6% |
|
Condo Towns |
20.3% |
0.9% |
|
Condo Apartment |
19.0% |
-1.6% |
Vaughan Statistics - Year over Year Average Price change
|
|
Yr/Yr Change |
Monthly Change |
|
Detached |
27.5% |
0.3% |
|
Semi Det |
19.5% |
-0.4% |
|
Townhouse |
23.9% |
4.1% |
|
Condo Towns |
26.2% |
-5.2% |
|
Condo Apartment |
7.1% |
-3.2% |
The sales volume for the GTA Market was up by 160% when compared to May 2020, more than double the result from May 2020, the second full month of the pandemic. Often, May is the strongest sales month in any given year; however, 2021 results bucked this trend, with May sales below the 15,646 deals reported in March.
Detached homes led the price gains last month, coming in at 37% year over year increase.
The inventory level was at 1.03 months at the end of May 2021, which is slightly higher compared to months of inventory at the end of April 2021. 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 a strong upward pressure on selling prices.
The average price of a home in the GTA for May 2021 was $1,073,104, which is up 10.9% when compared to Jan 2021.
If you are a first time Buyer, this might be a good time to take advantage of historically low interest rates (fixed 5 year rate is under 2%) and buy your first home before the prices go up even higher.
If you need to sell, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings. The key in the present market is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.
Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.
