Covid has been here 1 full real estate year and all signs continue to point to market moving full steam ahead – pandemic or not.
The stats in this report discuss month over month and year or year changes; however, it is important to remember that when reviewing year over year prices, that April 2020 was substantially affected but our first COVID lockdown. The April 2020 market saw home buyers and sellers take a pause as the pandemic played out which resulted in far fewer listings, sales and a slight temporary dip in the market.
Now that those details are noted, let’s review our year over year stats.
Year Over Year
Overall across all housing types, the average sold price jumped 23.4% since April of last year – from $881,424 to $1,088,322. New listings more than tripled, and the number of listings that sold was 5 times that of 2020.
Annual price increases were also noted across each housing category with detached homes seeing a whopping 36% annual increase.
Detached: Up 36%
Semi-Detached: Up 19.3%
Row Homes: Up 27.7%
Condo Towns: Up 18.1%
Condo Apts: Up 18.7%
Month Over Month
Month over month the market is slightly up across all home types – from $1,083,322 to $1,088,021.
The detached market dipped by 2.8% however more homes sold in April compared to March which gave more options to Buyers and eased some of competition.
The condo townhome market also saw a small decrease of 1.4% but similar to the detached market, the number of new listings and sales were higher compared to March resulting in more options for Buyers.
The semi-detached, row home and condo apartment segments saw slight decreases between 0.3% - 2.7%.
Detached: Down 2.8%
Semi-Detached: Up 1.6%
Row Homes: Up 0.3%
Condo Towns: Up 1.4%
Condo Apts: Down 2.7%
As we continue into Spring, we should see the number of new listings and sold listings increase, especially once the current stay at home order lifts.
To read the full April Market Watch from the Toronto Real Estate Board, please see the link here.
Until next time!