Welcome to the monthly Toronto Luxury Market Report where we'll look at what's been happening in the home & condo sectors for May 2021.
The month of May reached an all-time record for the average selling price in the City of Toronto and nearly beat out the staggering number of sales we had in May 2016.
As the vaccination rate increases & our economy strengthens again, we are seeing more people be comfortable with downtown living again which has resulted in appreciation for the condo market.
The increased amount of new listings on the market is a strong indicator that people feel more confident putting their property up for sale compared to this time last year.
Detached homes are still seeing the largest amount of growth in terms of appreciation closely followed by townhomes, however all sectors have risen.
The rental market, particularly downtown, has taken a turn towards stronger prices as well in the past several weeks as more jobs transition back from work-at-home to in-office.
While rental prices still aren't at pre-pandemic levels, they are quickly catching up.
It will be interesting to see if an influx of students returning to school in the fall will put increased demand for the downtown condo rental market.
Stats
- 11,951 sales in May 2021 (+160% vs. 2020)
- 18,586 new listings (+104% vs. 2020)
- Average sale price = $1,108,453 (28% increase vs. 2020)
- Detached avg. price = $1,716,272 (+20.5%)
- Semi-detached avg. price = $1,326,153 (+16%)
- Townhouse avg. price = $945,893 (+19%)
- Condo avg. price = $716,976 (+6%)
Neighbourhoods w/ highest average sale price in Toronto for May 2021
#1 = C12 - $2,979,931 - 42 Sales
Bridle Path, Sunnybrook, York Mills & St. Andrew-Windfields
#2 = C09 - $2,365,224 - 34 Sales
Rosedale - Moore Park
#3 = C04 - $2,326,126 - 126 Sales
Forest Hill North, Lawrence Park North & South, Bedford Park - Nortown & Englemount-Lawrence
#4 = C03 - $1,949,317 - 62 Sales
Forest Hill South, Homewood-Cedarvale & Oakwood-Vaughan
#5 = C02 - $1,887,089 - 80 Sales
Annex, Casa Loma, Wychwood & Yonge - St.Clair
Summary
While May was a super strong month in terms of sales & price increases, we are already starting to see a slight softening in the market through the first couple weeks of June.
This is likely as a result of higher vaccination levels & more people wanting to enjoy activities and travel so it will be interesting to see what happens in July as our economy opens up further.
Historically summer is always a slower time so may bring some relief to the red-hot market we've been experiencing.
Have you noticed a shift in the real estate market lately?
Let me know in the comments section below!
Rylie C.
Source
Comments