Record May Average Sale Price - Sales 2nd Highest Ever

By: Thomas Cook

Record May Average Sale Price - Sales 2nd Highest Ever

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our MAY 2021 Toronto real estate market report.
 
The Toronto real estate market has AGAIN hit a number of records including the 2nd highest ever May total home sales plus the 2nd 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 May with a near-record 11,951 sales of houses and condos across the GTA.  The next closest to this was way back in 2016 when we had 12,789 sales.  Low interest rates and high demand are continuing to boost our local market.
 
Sales were up 160% from May 2020 although that’s a misleading number since last year we were in the midst of the pandemic.  Sales were down about 1600 homes from April.
 
Condo townhouse and high-rise suites hit a near-record with sales up big time year-over-year with 3,677 units being sold. Next highest May was back in 2016 when there were 3,945 units sold.
 
The May 2021 average sale price for all GTA homes came in at $1,108,453… a big, but misleading 28.4% increase compared to one year ago but the highest ever average sales price 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 May was up 7% compared to last year at this time.
 
Active listings for the month were up 5% compared to April 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 May ratio dropped back to 97.5% which still is representative of an extremely busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was 1 day slower at 11 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in MAY 2021 as we come to 15 months since the start of the coronavirus pandemic.