It’s the roaring 20s in TO!
The Toronto real estate market continues to be extremely active as Board members reported the sale of 11,951 listings. While more listings came on the market, 12,252, they were still not enough to change the market from a sellers’ market. The Toronto real estate board has approximately one month supply of listings to sales and that is going to continue moving forward. The tight market conditions pushed the average selling price in May to $1,108,453 an all-time record.
On average, the most active months for the Toronto real estate board have been either April, May or June. This year, the most active month so far has been March with 15,646 listings being sold, and I believe that that will end up being the most active month for 2021. With over 13,500 listings sold in April and almost 12,000 sold in May, there seems to be no end in sight to the demand for housing in the GTA. The government ‘s increase of the stress test to qualify for financing it’s not going to make much difference to demand as Canada has committed to allow over 1.2 million immigrants into Canada over the next three years. Our government fails to recognize the desire for housing in Canada. The higher stress test will just force those Canadians who do not qualify for the location of their choice to move further away from Toronto into communities with lower prices so they can qualify for financing.
I am continually asked, “Should I wait to buy or buy now?” While nobody can predict the future there is nothing in the foreseeable future to indicate that either demand or prices will decrease. More immigration from outside of Canada and from other provinces, foreign students returning once Covid is over, rising cost of construction materials and labour, are all factors that will continue to keep prices increasing.
While it may seem self-serving, this is a great time to buy. The proviso is, you have to deal with an experienced knowledgeable realtor to help you through the process, whether it’s buying or selling. Many realtors sell houses, I provide professional guidance and protect the interests of my clients in one of the largest complex financial transactions they will make in their lifetime. In other words I put your interests above mine.
If you’re thinking of buying or selling or know someone who is, please give me a call, I would love to help.
Have a great June, stay safe.
