April 2021 Home Prices

Wondering why its been extremely difficult to find your next home? Its because in the month of April there were almost 8.5% LESS people putting their homes up for sale than in March.

This drop in listings also helps explain why there was almost 13% less sales in the month of April compared to March. Less listings, equates to less choice for buyers, which equates to less sales.

But let’s get to what you’re all here for – the price of home sales. Well, I have some good news. The average selling price of a home in the GTA in April was $1,090,000 which is basically flat compared to March 2021.

However the Toronto Real Estate Board’s Chief Market Analyst says that while the price growth could moderate in the coming months, home prices will likely continue on the upward trend, especially once immigration opens up (we are expecting over 400,000 immigrants this year alone), renewing the population growth and demand for housing. Couple that with our persistent lack of housing and you can understand why this prediction holds.

The big news for April is that the price of detached homes has dropped across the GTA and Toronto. In Toronto, the prices dropped an average of $50,000. The high prices of March probably pushed a lot of people into the semi detached market, which has seen an increase in the average price this month.

For condos in Toronto, prices are up on average $20,000. We’ve been calling it for awhile, and this month shows the condo market has finally recovered.

In West Toronto, the trend also continues with the price of detached homes dropping on average $17,000. All other home types also saw an increase this past month:

If you would like specific market details on your neighbourhood, feel free to reach out to me at steph@stephaniek.ca or 416-837-9676.