MARKET REPORT FOR APRIL 2021
THE GTA MARKET CONTINUED TO SET RECORDS IN APRIL.
After 2021’s 1st Quarter of record sales, price appreciation, and market pace, the GTA’s robust spring market continued setting records in April. As the market in April 2020 was essentially frozen due to the pandemic, replacing year over year comparisons with 2015-2019 April averages offers better insight to how this April stacked up.
UNITS SOLD
April 2021’s record breaking sales for the month were 32% higher and active listings were approximately 26% lower compared to the five-year average for both measures, illustrating the historic tightness of the market. While April’s absorption rate slightly improved from March’s 2.9 weeks of inventory to 3.7 weeks, it was by virtue of the increase in new listings hitting the market - 16% higher than the 5-year monthly average - and not a slowing in sales. Together the increase in sales as well as the rise in new inventory indicate that existing home owners, who bring inventory with them, were central to April’s market activity. The increase in new listings is a positive sign that a less feverish market may be ahead.*
*Information provided by Royal LePage Real Estate Services.
Statistics provided by the Toronto Regional Real Estate Board.