Toronto home sales were 4 times higher in April compared to the same time last year
The real estate market in Toronto has been in even more of a frenzy thus far in 2021 than usual, with prices hitting new all-time highs despite the fact that much of the economy is still shuttered due to the pandemic.
Condo sales have rebounded from a brief interlude of somewhat greater supply and cheaper prices caused by the health crisis, while the average price of a home of any type in the GTA as a whole spiked over $1 million. (A detached house in the city proper, meanwhile, will now set you back an average of $1.75 million.)
But, this was all during the first quarter of the year, and it seems that new numbers from April courtesy of the Toronto Regional Real Estate Board (TRREB) show things are slowing down slightly, though the market is still absolutely absurd by any standards.
Compared to April of last year — when full pandemic restrictions were in and people were terrified and many of them, jobless — the number of GTA homes sold last month was up a shocking 362 per cent, hitting 13,663 total, and coming in 36.6 per cent higher than the 10-year average for the month.
This jump, though staggering, also marks a fall of 12.7 from March 2021, in part thanks to fatigue from those who have given up on buying in such an aggressive and pricey market.
The same trend was the case for both the number of listings on the market and the average price of property last month: the former, up 237 per cent from April 2020 but down 8.4 per cent from March 2021, and the latter up $270,766 from April 2020 but down $6,573 from March 2021.
Despite the very high figures and sales volumes over April, TRREB recognizes what it terms as a "pullback in market activity" compared to earlier in the year.
"We’ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth," the board's president says in its latest Market Watch report.
"We may be starting to exhaust the pool of potential buyers within the existing GTA population. Over the long term, sustained growth in sales requires sustained growth in population."
JUST RELEASED! The Pace of GTA Home Sales Slows In April. Access TRREB’s latest Market Watch Report to learn more.— Toronto Regional Real Estate Board (@TheReal_TRREB) May 5, 2021
FULL REPORT HERE: https://t.co/YuTWJQqfOl #TRREB #MarketWatch pic.twitter.com/JyXq9Iz948
Some experts predicted that the market would slow down on its own while others demanded government intervention — and it appears based on these numbers that it may already be doing so.
The full reopening of the economy, increased immigration and international students, and more will no doubt have a huge impact on the market, though, whenever more normal circumstances do return.
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