WHAT THE APRIL NUMBERS TELL US

No doubt about it: the market was hot again in April. We once again saw record-breaking prices as buyers took advantage of low-interest rates. On average, homes cost $1,090,992, rising by an impressive 33 percent across property types.

That said, it seems that a change is coming. Both sales and price growth did slow a little bit this month. There were 13,663 sales reported through the MLS, down 12.7 percent from March. That said, this number is still massive compared to the 2,957 sales that occurred in April of last year (the first full month of the pandemic).

Interestingly, TRREB president Lisa Patel noted that we may be “starting to exhaust the pool of potential buyers within the existing GTA population.” Toronto (which, according to the most recent statistics, is North America’s fastest-growing city) hasn’t seen sustained growth recently, for obvious reasons.

As the population starts to grow again and we continue to deal with a lack of inventory (listings were down 8.4 percent in April), prices will likely rise!

A CLOSER LOOK AT THE CONDO MARKET

There were 2,277 condo sales in Toronto in the month of April, up by a whopping 373.4 percent year-over-year. The average price was $727,137, an increase of 18.7 percent from April of last year.

Needless to say, these numbers are impressive compared to what we saw in the condo sector last year (when the pandemic and the introduction of the short-term rental registry meant prices and sales took a nosedive).

Those in the know expect to see condo demand continue to rise. It’s also worth noting that, due to stress test changes set to come into effect in June, many buyers may turn to condos as a more affordable option.

READY TO MAKE YOUR MOVE?

Wondering what the most recent real estate numbers mean for you? Whether you’re buying or selling, I can help you understand how to make the most of the market. Getting in touch is the first step! Reach out to me for real estate insight, general advice, and more!