Here are the real estate market stats you need to know for May 2021 vs. 2020 home sales in Toronto, Mississauga, Oakville, Burlington
Double digit increases across the board! Mississauga, Oakville and Burlington leading the way in the areas within our report with massive 20%+ increase in detached home values year over year, along with impressive increases in all other home types including condos.
In Toronto, property values are up between 10-17% depending on home type. Toronto condos saw a 6% increase in value for May 2021 vs 2020 however the average price is slightly less than that of April 2021 which was up over 15% from April 2020.
Although sales volume continued strong in May and was more than double that of May 2020, it fell short to the record set in 2016 ending what could have been an 11th consecutive record month of sales volume.
Property Values Are Increasing Month Over Month
Most importantly, property values have held and are continuing to increase based not only on the year over year values, they’re up a touch between April and May 2021.
We are still in a shortage of listing inventory and continued competition with other buyers coupled with the extremely low cost of mortgage financing, resulting in an upward pressure on selling prices.
See the full details of the market activity by home type within our update – swipe or click on each image to view!
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