Real Estate Market April 2021 Quick Updates

Real Estate Market April 2021 Quick Updates

Thursday May 06th, 2021

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It looks like the early April 2021 lockdown slowed down a bit of the activity in the real estate market in Ontario. Here are some of the highlights on the market numbers for the last month of April 2020. 

 

Cottage sales have gone up. 

Both non-waterfront and waterfront cottage properties have seen a significant increase in sales since March 2020. There has been an uptick in sales of 87.7% (total of 383 units) in the Lakelands region for non-waterfront. And a significant increase of uptick of 154.5%. People are wanting to do more staycations inaccessible destinations due to the limited travel restrictions. It has also been noted that an increase in listings has been helping the busy activity in cottage country. 

 

GTA Home Sales & Listings are slowing down 

Home sales and new listings have been declining month-over-month compared to March 2021 at 12.7%. April 2021 sales of 13,663 sales have been more than quadrupled compared to April 2020. Home listing dipped to 8.4% compared to March 2021.

 

This slowing down has been predicted as there has been a frenzy of sales since the summer of 2020 due to slow population growth. According to Lisa Patel (TREBB president), “Over the long term, sustained growth in sales requires sustained growth in population.”

 

Home Prices will still trend up

MLS® Home Price Index Composite Benchmark was up by 17.8% year-over-year. The average selling price of $1,090,992 was up by 33% compared to April 2020 but shows no significant increase compared to March 2021. However, it is sustained that sales of all major types of homes have remained quite high. Home prices will still continue to go up. Renewed population growth next year and low listing inventory will brace home price appreciation.  

 

With all of these numbers, you should contact JoAnn Visaretis to discuss your real estate needs and questions. Knowing you got professional service can get you the best home market value or your dream home in the real estate market. 

 

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