Market Update – May 2021

On in So How's the Market in Toronto by

In May, the Toronto real estate market for detached, semi-detached, and condos remained strong. But keep in mind when reviewing the year-over-year comparisons that the Toronto market was hit particularly hard by COVID-19 in May 2020.

Central Toronto REALTORS® reported 463 detached home sales through the Toronto MLS® in May 2021, and on average, these detached homes sold for $2,294,459.

Last year, in May 2020, Toronto MLS® reported 135 freehold detached home sales across Toronto, a 243% increase in volume for this year. It was also reported, on average, that freehold detached homes sold for $2,013,677 in May 2020 – and that’s a 14% increase in sale prices for this May.

Concerning semi-detached homes, Central Toronto REALTORS® reported 364 semi-detached home sales in May 2021; and on average, these semi-detached homes sold for $1,513,269 last month.

That compares to 128 semi-detached home sales in May 2020, a 184% increase in volume for this year. It was also reported that, on average, semi-detached homes sold for $1,290,422 in May 2020 – and that’s a 17% increase in sale prices for this May!

Concerning condo sales, Central Toronto REALTORS® reported 1,201 condo sales in May 2021, and on average, these condos sold for $808,458 last month.

In May 2020, there were 456 condo sales – which is a 163% increase in volume for this year. On average, these condos sold for $768,448 – and that’s a 5% increase in sale prices for this May.

 

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