What is happening in the Real Estate Market with COVID 19?
Is this a good time to Buy or Sell your home?
The Short Answer is YES!
- The Real Estate Market is VERY ACTIVE! According to the Market Watch Reports from the Toronto Regional Real Estate Board the Year-Over-Year Average Selling Price for homes continues to increase as time goes on. These Market Watch Reports are published every month for the previous month's data.
- In the first three months of 2021 we saw RECORD HOME SALES across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy. In April, we saw a slight cool down in home sales. However, April still showed RECORD sales when compared to April of last year.
- For the Month of May, we saw the average Home Prices reach an ALL-TIME HIGH of $1,108,453. There is a very strong demand for home ownership and the data suggests this trend will continue.
- Again, confident buyers are taking advantage of low mortgage rates which increases their purchasing power. Confident sellers are benefiting from rising home prices over the years, increased profits, low inventory, less competition of homes on the market and even multiple offer situations.
- Again, there is a low supply of homes and shortage of homes for purchase, mortgage interest rates are very low, and homes are being sold with multiple offers/ no conditions situations.
Average Selling Price - Year-Over-Year Comparison
- The average selling price in February 2021 was $1,045,488 up by 14.9% year-over-year. On a seasonally adjusted basis, the average selling price wasup by 2.3% over January 2021.
- The average selling price in March 2021 was $1,097,565 up by 21.6% year-over-year. On a seasonally adjusted basis, the average selling price was up by 4.2% over February 2021. 4.2% increase in price since February.
- The average selling price in April 2021 was $1,090,992 up by 33% year-over-year. On a seasonally adjusted basis, the average selling price was down by 3.6% over March 2021.
- The average selling price in May 2021 was $1,108,453, up by 28.4% year-over-year. On a seasonally adjusted basis, the average selling price was up by 1.1% over April 2021.
February 2021 – Prices increase 2.3 % - Average Selling Price - $1,045,488
March 2021 – Prices increase 4.2 % - Average Selling Price - $1,097,565
April 2021 – Prices decreased 3.6 % - Average Selling Price - $1,090,992
May 2021 – Prices increase 1.1 % - Average Selling Price - $1,108,453
If you are thinking of Buying or Selling, contact me and we can have an honest conversation about your situation.
I can help answer any questions that you may have so you can make the best real estate decisions for yourself and your family.