June 3, 2021
Contrary to one’s wishes the Real Estate market continued its upward flight through May 2021.
Although Toronto Region Real Estate Board (TRREB)’s latest sales report for May 2021, shows a slight adjustment in the overall transactions which was down by about 9%, the Sales Price continued the upward trend with over 1% increase compared to last month, April 2021.
Comparing the Sales price with the same month last year, May 2020, it jumped a whopping 28.4%.
While the new listings coming in the market were almost more than two and a half percent (160%+) one would expect a relaxed competition and probably cooling down the pressure, it worked the other way around.
There were 14% more sales to available properties in the market for sale compared to last year the reason could be attributed to the start of COVID-19 last year and after a full year of the pandemic.
Similarly, it took less than half the time to sell a property than it took the same month last year, to be exact 53.1%. It means the property remained in the market on an average for 15 days in May 2021 compared to 32 days a year earlier.
With the OFSI’s latest tightening-up mortgage stress test, starting from June 1, 2021, we still need to see its impact on the overall market.
So far, it does not seem to be any dent in the Sales Price of the housing prices.
The two factors that remain behind the heated market are historic low mortgage rates and new immigrants expected to come into the country as soon as the flights are open and quarantine rules relaxed.
I am always available to discuss further and find the best solution for your requirements and situation whether you are planning to buy or sell or both to move to a bigger house or downsizing.
There is always a better solution a professional can provide, sometimes beyond your thoughts.
I will be glad to receive your call at your earliest convenience at 416-908-5600.
Take care of yourselves and follow the safety precautions defined by healthcare professionals.
Please pray for the safety of all and seeing an end to the COVID-19 pandemic soon.
#BeSafeAndHelpOthersBeSafe
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To see TRREB’s full May 2021 home Sales report, please click the link: https://communications.torontomls.net/mlshome/download.php?link=market-stats/market-watch/mw2105.pdf
