The pace of sales in the GTA and Burlington area declined on a month-to-month basis. New listings, or active listings saw a decline as well. The market conditions still remain tight so my suggestion is that if you are looking to purchase do yourself a big favour and get preapproved. Preapproval is one of the most important steps to home ownership. Know the difference between preapproval and prequalified. Prequalification is a verbal which has no strength over the written contract with your bank. You want that strength when making an Offer of Purchase. Here are your April Market Results for the GTA and Burlington areas:
GTA & PEEL APRIL MARKET RESULTS
GTA Realtors® reported 13,663 sales through TRREB's MLS® system in April - a 12,7% decrease compared to March 2021. However, more than quadruple the number o sales reported in April 2020. New listings followed a similar track - down by 8.4%, but more than triple the number reported in April 2020. The average selling price of $1,090,992 was up by 33% compared to April 2020, but was basically flat relative to March 2021.
"Despite a modest slowing in market activity in April compared to March, selling pries for all major home types remaind very hight. Low borrowing costs during COVDI-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 (listings) will underpin home price appreciation." said TRREB Chief Market Analyst Jason Mercer.
For your Peel region April Market Result please click here.
BURLINGTON APRIL RESULTS
Sales Activity and New Listings in Burlington has also slowed when compared to March of 2021 - sales from 447 to 406 and listings 597 to 492. However, when April 2021 results are compared to the same period in 2020 we see a 258% increase in sales activity and a 165% increase in listing activing. Interesting to note that Active Listings were down by 33% when compared to April 2020. Tight market conditions remain the norm.
For your full Burlington April report, including Average Selling Price (increase of 33%), please click here.