Toronto Real Estate Market Update May - June 2021. Best Toronto real estate agents
Wednesday Jun 16th, 2021
00:22 - average price increase for all property types combined in the GTA
00:27 - average property price in the GTA
00:35 - housing sector that saw the highest increase in value
00:51 - housing sector that saw the lowest increase in value
1:09 - average price for a fully detached home
1:19 - average price for a semi-detached home
1:26 - average price for a townhouse
1:34 - average price for a condo
1:43 - volume of sales May 2020 vs May 2021
2:12 - final thoughts
2:14 - advice for purchasers who are buying a property
2:43 - advice for homeowners who are selling a property
The demand for purchasing homes still continues to outpace the number of homes available for sale. And as long as the demand continues to outpace the amount of supply, housing prices will continue to go up.
The average property price has gone up by +28.4% over the past year. And the average property price in the GTA is now $1,108,453.
The housing sector that saw the highest increase in value on average were detached homes in the 905 suburbs. And they saw a tremendous +41.3% increase in prices between May 2020 to May 2021.
The housing sector that saw the lowest increase in prices on average were Toronto condos. And they still saw a +6.3% increase in prices over the past year.
Now to put things into perspective, let's look at the average price of a home.
For a fully detached home in Toronto, the average price is $1,716,272.
A semi-detached home comes in at an average of $1,326,153.
While a townhouse in Toronto costs an average of $945,893.
Now for the condo market, the average Toronto condo is $716,976.
In terms of the volume of sales, those numbers are still increasing faster than the number of new listings that are available. This creates a tightening of the market which leads to competition among buyers to purchase a home. The month of May reported 11,951 sales which is still a +15.63% increase in the average number of transactions when we compare it to the average May sales between 2010 and 2019.
Here are some final thoughts. With the exception of certain real estate sectors such as the downtown condo market and the commercial leasing market, we are still in a strong seller's market. And if you're looking to purchase a property, it's in your best interest to get financially prequalified for a mortgage as your very first step. And when you find that property that you love, don't be surprised if there are multiple offers. You will want to discuss with your real estate agent what the best strategies are to secure the home.
On the other hand, if you're thinking of selling a property, keep in mind that these average statistics released by the Toronto Real Estate Board are just one indicator of how the real estate market is doing overall. The Greater Toronto Area is a huge market and there is a tremendous amount of variation. The local real estate market in your neighbourhood or in your condo building, could be very different than these average statistics. Now if you're curious to know the estimated value for your property, feel free to reach out to our team.