Here are the numbers from our May 2021 Toronto real estate market.

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Today I’m sharing your real estate market update for May 2021. It’s been another record-setting month. For the third month in a row, the average listing price in Toronto has been over $1 million, and the average sale price in May was $1,116,736, which increased almost 17% from this time last year. Buyers actively looking for properties currently face quite a bit of competition, and the result of that is upward trending prices.

New listings and the number of sales have fallen a bit over the last month, and the average days on market was about 12 days for all property types. That makes sense because of the lower inventory. With that being said, sales and listings have improved since last May, with 176% more sales and 113% more listings. Inventory is down to just two months, far below a balanced market of six months. Interest rates seem to be staying steady, and if there isn’t a ton of pressure put on them, I suspect we’ll stay in this market for the foreseeable future.

If you have any other questions, would like an evaluation of your property, or you’d like to go see a property, don’t hesitate to reach out to us via phone or email. We would love to be your real estate resource.