April’s sales of 13,663 homes set a new record for April and amounted to more than quadruple that from April 2020 – the first full month of the pandemic. Despite 20,825 new homes coming on to the market, that was not enough inventory to meet demand, and the average home price increased to$1,064,261, from March’s average price of $1,015,392.
Prices increased in all sectors of the real estate market, and into the outskirts of the GTA as home buyers chose to move further away from the city in order to get the homes they were looking for. Communities in York, Durham, Simcoe, and others saw price increases of 20%- 40% year over year as the demand for those communities increased.
With over 400,000 new immigrants expected to arrive in Canada this year and the cost of construction increasing, it seems obvious that prices will continue to increase, bolstered by ultra-low borrowing rates.
Despite the hot market, here’s a little-known fact. All homes listed for sale do not sell! That’s right, not all homes sell! Some realtors would have you believe that a house sells itself, that the realtor and the company you choose makes no difference. Well, here are the facts: The Toronto Real Estate Board reported that for the first 4 months of the year, there were 68,156 homes listed for sale and 47,157 sales. As of the end of April, there were 11,668 homes available for sale. That leaves 9,331 that did not sell. Along with that number are properties that sold, and I believe at a lower price than they should have.
In any market, dealing with a full-time professional realtor is important, in this hot Seller’s market it is imperative. If you are considering upgrading your home, purchasing an investment property or know a friend who is, please give me a call and let me put my expertise and the power of my company behind you. Buying a home is one of the most important investments anyone will make in their lifetime, dealing with the best will ensure your safety and success.
Please call me if you have any questions, I would love to help.
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