On this page, you can find VIP Condos Toronto’s summary of the Toronto Regional Real Estate Board (TRREB)’s May 2021 real estate market watch, with info on prices & trends in the region’s housing market. VIP’s report will provide information such as an overall real estate market outlook, updates & news from May 2021 – as well as specific info on both condo and home prices in the GTA:
Real Estate Market Watch: Residential Transactions
- 11,951 residential home transactions took place in May 2021, up from 4,954 in May 2020 – an increase of 160.1%.
- When seasonal adjustments are taken into account, there was a 8.9% decrease in the number of purchases from April 2021 (10,740) to May (9,786).
May 2021 Real Estate News: Average Selling Prices
- The average sale price for May 2021 was $1,108,453. This is an increase of 28.4% over May 2020, when it was $863,563.
- With seasonal adjustments, prices saw a 1.1% increase from April 2021 (from $1,050,772 to $1,061,987).
Monthly Market Update: New Listings
- There were 18,586 listings available for May 2021, which is a 103.7% increase over May 2020 (when there were 9,126).
- The sales-to-listings ratio has increased by 14% from May 2020, from 50% to 64%.
Real Estate Market Watch for May 2021: Days On The Market
- The average property spent 15 days on the market, compared to 32 last year – a decrease of 53.1%.
- Listings spent an average of 11 days on the market, which is a 54.2% decrease from this month last year (when they spent an average of 24).
In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:
- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA’s home & condo markets – both for May 2021 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2021.