According to the latest statistics by the Toronto Regional Real Estate Board (TRREB) MLS System, home sales in the Greater Toronto Area more than doubled over May 2020. The report states 11,951 sales in May 2021, which was the second full month of the COVID pandemic.
“There has been strong demand for ownership housing in all parts of the GTA for both ground-oriented home types and condominium apartments,” said TRREB President Lisa Patel. “This was fueled by confidence in economic recovery and low borrowing costs. However, in the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak.”
May is typically the strongest sales month, however, TRREB revealed May 2021 sales were below the record sales of May 2016 of 12,789 home sales. The record for home sales in the GTA was back in March 2020 with 15,646 deals actualized.
The average selling price across all home types in the GTA reached a record $1,108,453, which represents a 28.4 percent growth year-over-year.
“While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well,” said TRREB Chief Market Analyst Jason Mercer.
Of the total 11,951 sales, condos in the region represented 2,710. The average selling price for this type of home was $716,976 in the GTA and $603,555 for the 905 area code. Combined the average selling price for condos for May 2021 was $682,280.