May 2021 Market Update

Key Takeaway’s for this month:

  • The number of home sales in the GTA were historically high in May 2021, but fell short of the 2016 record and remained below this year’s March peak
  • Prices for all home types across the GTA are up 28% year over year.
  • This is driving the average selling price for all home types across the GTA to $1.108 million.
  • The gap between the average price of a condominium and a detached home in Toronto is now $1 million, driving more people to the rebounding Condo market.
  • In May, it took an average of 17 days on market to sell a home, up from 13 days in April in the GTA
  • Inventory remains historically low at just 1.03 months of inventory – that means if no other homes were listed for sale, we would be sold out in that amount of time.
  • Below are the stats for your city. Remember: Real Estate is all about location. You want a Realtor who understands the micro market that you live in or want to live in, as price changes differ greatly from neighbourhood to neghbourhood.
  • If you would like specific market stats on your neighbourhood, or a free home evaluation, please feel free to contact me at 416-837-9676.
  • Toronto May 2021
  • Toronto West May 2021
  • Mississauga may 2021
  • Oakville May 2021
  • Burlington May 2021