{"id":18289,"date":"2021-05-05T14:48:55","date_gmt":"2021-05-05T18:48:55","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=18289"},"modified":"2021-05-10T14:08:54","modified_gmt":"2021-05-10T18:08:54","slug":"trreb-april-2021","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-april-2021\/","title":{"rendered":"April 2021 TRREB Report: Home Sales Dip From March, Though Up Strongly From Pandemic Pit"},"content":{"rendered":"\n

The April numbers for the Greater Toronto Area<\/a> are out, and while they show a stark contrast from last year\u2019s activity \u2013 during what was the depths of the first lockdown \u2013 sales and price growth are up strongly from pre-pandemic levels as well.<\/p>\n\n\n\n

The Toronto Regional Real Estate Board (TRREB) reports 13,665 sales occurred last month, a more-than-quadruped increase of 362.1% year over year. That has set a new record for the month of April, and is also up 51% from 2019 levels, and 36.6% over the 10-year average.<\/p>\n\n\n\n

Pandemic Buying May Have Peaked<\/strong><\/h2>\n\n\n\n

However, there is evidence that the frantic buying activity that has defined the pandemic-era market may be starting to wind down, as sales come in -12.7% below March numbers. New listings, though up triple-fold from April 2020, are also down -8.4% month over month, with 20,825 homes brought to market across the GTA. Typically the opposite is true this time of year, as sellers and buyers come off the sidelines for the busy spring market.<\/p>\n\n\n\n

The average home price was also flat compared to March, though is still well elevated from a historical perspective at $1,090,992, a 33% year-over-year increase. The Home Price Index Benchmark \u2013 a measure of the value of the most commonly-sold homes \u2013 rose by 17.8% year over year, though the pace of price growth is starting to slow.<\/p>\n\n\n\n

TRREB President Lisa Patel says that the factors that have driven buyers thus far during the pandemic \u2013 such as a desire to upgrade to larger housing in more affordable markets \u2013 may be starting to decline as they\u2019re not based on market fundamentals such as population growth.  <\/p>\n\n\n\n

\u201cWhile sales remained very strong last month, many REALTORS\u00ae noted a marked slowing in both the number of transactions and the number of new listings. It makes sense that we had a pullback in market activity compared to March,\u201d she writes in TRREB\u2019s April release.

\u201cWe\u2019ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth. We may be starting to exhaust the pool of potential buyers within the existing GTA population. Over the long term, sustained growth in sales requires sustained growth in population.\u201d<\/p>\n\n\n\n

Home Prices to Continue Upward Trajectory<\/strong><\/h2>\n\n\n\n

However, while the pace of price growth may be slowing, TRREB doesn\u2019t believe it’ll change course. As the Bank of Canada has kept mortgage rates low<\/a>, and as the impact of widespread vaccinations roll back lockdown measures, buyer interest will remain high, outpacing that of supply. States TRREB Chief Market Analyst Jason Mercer, \u201cDespite a modest slowing in market activity in April compared to March, selling prices for all major home types remained very high. Low borrowing costs during COVID-19 clearly had an impact on the demand for and price of ownership housing. While the pace of price growth could moderate in the coming months, home prices will likely continue on the upward trend. Renewed population growth over the next year coupled with a persistent lack of new inventory will underpin home price appreciation.\u201d<\/p>\n\n\n\n

GTA Remains in Sellers\u2019 Market<\/strong><\/h2>\n\n\n\n

Overall, the sales-to-new-listings ratio for the GTA was 65% in April, indicating sellers\u2019 market conditions. This ratio is a measure used by the Canadian Real Estate Association to determine the level of competition in the housing market by dividing the number of home sales by new listings over the month. A ratio between 40 \u2013 60% indicates a balanced market, with a percentage above or below that threshold indicating sellers\u2019 or buyers\u2019 markets, respectively.<\/p>\n\n\n\n

Detached houses continue to lead the market in terms of volume of homes sold and price growth: there were 6,516 transactions across the GTA (+365.1%) at an average price of $1,387,629 (+41.3%). This is hardly surprising, given buyers\u2019 desire for properties that can accommodate lockdown requirements such as working from home, virtual school, and increased green space.<\/p>\n\n\n\n

However, the condo segment experienced the largest year-over-year increase in sales \u2013 a total of 3,290 sold in the GTA, up 394.7% at an average price of $691,791 (+19.6%). This was especially concentrated in the 905 markets where sales jumped by 450.5%. This shows demand is starting to return for high-rise living, which had stumbled in the immediate months of the pandemic.<\/p>\n\n\n\n

Check out the infographics below to see how sales and average prices changed by home type for TRREB and the City of Toronto in April.<\/em><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n
\"\"<\/figure><\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The April numbers for the Greater Toronto Area are out, and while they show a stark contrast from last year\u2019s activity \u2013 during what was the depths of the first lockdown \u2013 sales and price growth are up strongly from pre-pandemic levels as well. The Toronto Regional Real Estate Board (TRREB) reports 13,665 sales occurred […]<\/p>\n","protected":false},"author":39,"featured_media":18293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[181],"tags":[],"class_list":["post-18289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-toronto-real-estate"],"yoast_head":"\nApril 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