Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our APRIL 2021 Toronto real estate market report.
The Toronto real estate market has AGAIN hit a number of records including the highest ever April total home sales plus the highest ever condo TH and highrise suite sales during the month.
So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
Huge numbers came in once again for April with a record 13,663 sales of houses and condos across the GTA. The next closest to this was way back in 2016 when we had 12,016 sales. Low interest rates and high demand are continuing to boost our local market.
Sales were up 362% from April 2020 although that’s a misleading number since last year we were in the midst of the pandemic. Sales were down about 2000 homes from March.
Condo townhouse and high-rise suites hit a new record with sales up big time year-over-year with 4,413 units being sold. Next highest April was back in 2017 when there were 3,768 units sold.
The April 2021 average sale price for all GTA homes came in at $1,090,992… a big, but misleading 33% increase compared to one year ago and fractionally lower than the March number. Since February 2021, the average has been over $1,000,000.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The ‘active listing’ inventory average for the month of April was up 10.5% compared to last year at this time.
Active listings for the month were up 10% compared to March 2021.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
With our busy market… the April ratio dropped to 117% which still is representative of an extremely busy seller’s market.
The days-on-market average for GTA / Toronto homes stayed steady at 10 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in April 2021 as we come to 14 months since the start of the coronavirus pandemic.
- April sales (13,663) were orders of magnitude higher than last year– and were a record for April on TRREB
- The ratio of sales-to-listings settled back somewhat to 117% in April– leaving us still in extreme seller market territory
- The April average sale price dropped slightly to $1,090,992– 33% above one year ago but fractionally below March’s number.
- The GTA real estate market overall averaged a quick 10 days-on-market
- Detached home sales in April 2021 with a purchase price over $2,000,000 were up a big 1109% (786 houses) while condo apartment sales over $2M also increased by a significant 3300% (34 suites) compared to April 2020
- The CONDO townhouse/highrise share of the market came in at 32.3% during the month
- Downtown condo active listing numbers were UP by 20.7% in C01 and by 21% in C08 from last month
- April year-over-year downtown condo sales were up by huge numbers in C01 and C08 compared to 2020 of course with record sale numbers in both TRREB districts
- The downtown condo days-on-market average dropped dramatically to 13 days (C01) and 14 days (C08)
- Reversing the trend seen in the past several months, the ratio of sales-to-listings for condos downtown made a huge jump in C01 to 88.4% and in C08 to 84.6% leaving both condo districts in extreme seller market territory
- Because of the influence of higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, the adjusted average condo sale price still showed a decline of 5% - 6% from April 2020
- Despite the doom and gloom you see in the media about the combination condo townhouse and high-rise suite market, April continued the recovery for condo sales – there may only be a very short window to take advantage of this market
- April saw detached homes in the 905 appreciate year-over-year by an average 44% and 905 condominium average sale prices rose by a more modest 25%
- As long as external events don’t happen to influence interest rates or taxes on some types of real estate transactions, all the repressed yearning for normality will continue to cause a flurry of real estate activity...