The Real Estate Market has seen some interesting results for the month of May both in the GTA and the Burlington markets. The Average Selling Price for both areas have increased, again due to the demand and the supply. Here are your May Market Results:
BURLINGTON MAY RESULTS
?Sales actiivity in Burlington increased by 90% when compared to May of 2020. New Listings (homes introduced to the market) however, increased by only 42% leaving the percentage of Active Listings at month-end at a 41% decrease. The market continues to be hot in the Burlington area. For the Average Selling Price and more information, please click here.
G.T.A. & MISSISSAUGA MAY RESULTS
Residential transactions reported through TRREB's MLS® Sysem reamined high in May 2021. Despite a slight ebb in sales over the last 2 months, market conditions remained tight enough to push the Average Selling Price to an all-time record in May.
"While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. Thsi competition is beocming more widespread with tighter market condtiions in the condominium apartment segment as well, " said TRREB Chief Market Analyst Jason Mercer.
The Average Selling Price across all homes types was up by 28.4% year-over-year reaching a record of $1,108,453. On a seasonally adjusted basis, the average price increased by 1.1% between April and May of 2021. For your full report on the Peel region please click here.
"There has been strong demand for ownership housing in all parts of the GTA for both ground-oriented home types and condominium apartments. This was fueled by confidence in economic recovery and low borrowing costs. However, in the absence of a normal pace of population growth, we saw a pull back in sales over the past 2 months relative to the March peak," said TRREB President Lisa Patel.