TORONTO, May 5, 2021 (GLOBE NEWSWIRE) — Home sales in the Greater Toronto Area (GTA) set a new record for April and more than quadrupled from April 2020 – the first full month of the pandemic. Contrary to the usual seasonal pattern, April 2021 sales actually declined month over month. A similar trend was noted for the number of new listings reported.
GTA REALTORS® reported 13,663 sales through TRREB’s MLS® system in April 2021 – down 12.7% from March 2021, but more than quadrupling the number of sales reported in April 2020, when the economic impact of the COVID-19 was arguably the worst. . Compared to the ten-year sales average of 10,000 for the period from April 2010 to April 2019, the sales result for April 2021 increased by 36.6%.
New listings followed a similar trajectory – down 8.4% from March 2021, but more than triple the number of new listings reported in April 2020. Compared to the ten-year new listings average for the period From April 2010 to April 2019, the number of new registrations in April 2021 increased by 18.3%.
“While sales remained very strong last month, many REALTOR® AGENTS noted a marked slowdown in both the number of transactions and the number of new listings. It makes sense that we had a pullback in market activity from March. We have seen a blistering pace of home sales since the summer of 2020, while not seeing much population growth. We may be starting to exhaust the pool of potential buyers within the current GTA population. In the long term, sustained sales growth requires sustained population growth,” said TRREB President Lisa Patel.
The benchmark composite MLS® Home Price Index rose 17.8 percent year over year. The composite benchmark also rose on a monthly basis, but the pace of monthly growth slowed. The average selling price of $1,090,992 was up 33% from April 2020, but was essentially flat compared to March 2021. This contrasted with most previous years, when the average selling price increased between March and April.
“Despite a slight slowdown in market activity in April compared to March, sales prices for all major home types remained very high. Low borrowing costs during COVID-19 have clearly impacted the demand and price of owned accommodation. While the pace of price growth may slow in the coming months, house prices will likely continue to rise. Renewed population growth over the next year, coupled with a continued lack of new inventory, will support house price appreciation,” said TRREB chief market analyst Jason Mercer.
“All levels of government – most recently the federal Minister of Finance – have recognized that long-term housing affordability in Canada, including in the Greater Toronto Area, will depend on the ability to provide more housing online. With federal, provincial and municipal governments on the same page, we must see a coordinated and collaborative effort to streamline the development approval process to pave the way for more homeownership and rental housing. said John DiMichele, CEO of TRREB.
Summary of TRREB MLS® System Sales and Average Price April 1-30, 2021
Sales of TRREB MLS® & amp; Average price by type of accommodation from April 1 to 30, 2021
April 2021 Year-over-year percent change in HPI MLS®
Source: Toronto Regional Real Estate Board
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
TRREB MLS® System Annual Sales and Average Price Summary April 2021
YTD TRREB MLS® & Average price per house type April 2021
Source: Toronto Regional Real Estate Board
TRREB MLS® sales and average price seasonally adjusted1
Source: Toronto Regional Real Estate Board; CREA seasonal adjustment
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly variations and underlying trends.
Media inquiries: Genevieve Grant, Public Affairs Specialist [email protected] 416-443-8159
The Toronto Regional Real Estate Board is Canada’s largest real estate board with over 59,000 residential and commercial professionals connecting people, property and communities.
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