Keeping Up With the Real Estate Market... May 2021
Thursday Jun 03rd, 2021
I hope you and your family are keeping well, with the weather improving it seems to be keeping the residential real estate market busy. The volume of all types sold is up over 160% over May of 2020. Active listings are also up by 7%, however, with the continued strong demand for real estate, prices continue to rise, up 28% compared to last year.
In sub-markets like Durham region, Brampton and York Region the demand has been extremely strong. Active listings in Durham are down 23% with sales volume up over 175% which continues to drive prices, up 34%. Brampton continues to see the months of inventory level at all time lows with approximately only 3 weeks available homes for sale, if another home was not to be listed in Brampton, Brampton would be sold out of homes of all types in just three weeks.
York Region has seen active listings gains of over 17% with more people listing their homes for sale to take advantage of the recent price growth. Even with a great number of homes for sale the demand continues to push prices, up almost 26% and the total volume of sales up 155% for the month of May.
Resale condominiums also continue to rebound across the Greater Toronto Area with the volume of sales up over 170% and prices up 9%.
New construction sales also continue to remain strong on both the highrise and lowrise sides of the market. Developers and their marketing teams continue to receive a large number of applications to purchase as more clients are choosing real estate as an investment. If you have any questions about purchasing new construction or simply investing in real estate, please do not hesitate to contact me.
Wishing you and your family all the very best.