Toronto, Hamilton & GTA Real Estate Market Watch: June / May 2021 Stats
Toronto,Hamilton & GTA Real Estate Market Update – Market Outlook
Housing Market Report for June 2021
Toronto GTA REALTORS® Housing Market Report for June 2021
Market Report Summary
Updated June 4th, 2021
– Average home prices continued to rise this May to new all-time highs
– Average sold prices increased by 28% year-over-year to $1.10M
– Detached home prices increased by 37% year-over-year to $1.42M
– Semi-detached home prices increased by 23% year-over-year to $1.06M
– Townhouse prices increased by 38% year-over-year to $950k
– Condo apartment prices increased by 9% year-over-year to $682k
– Housing inventory continued to decline to an average of 1.3 months
Toronto Housing Market Overview
DATA FOR MAY 2021
| ALL PROPERTY TYPES | DETACHED | SEMI-DETACHED | TOWNHOUSE | CONDO APARTMENT |
|---|---|---|---|---|
| $1,108,453 Avg. Sold Price 28% increase vs. 05/2020 | $1,415,698 Avg. Sold Price 37% increase vs. 05/2020 | $1,064,361 Avg. Sold Price 23% increase vs. 05/2020 | $949,983 Avg. Sold Price 38% increase vs. 05/2020 | $682,280 Avg. Sold Price 9% increase vs. 05/2020 |
| 11,951 Transactions (Buy/Sell) 159% increase 05/2020 | 5,718 Transactions (Buy/Sell) 150% increase vs. 05/2020 | 1,233 Transactions (Buy/Sell) 166% increase vs. 05/2020 | 1,215 Transactions (Buy/Sell) 49% increase vs. 05/2020 | 2,710 Transactions (Buy/Sell) 170% increase vs. 05/2020 |
Toronto’s housing market stabilized this May as home sales traced back below all-time highs. Since March, monthly home sales have dipped by 23%, marking an earlier-than-expected seasonal decline in activity. Home prices have remained relatively stable with average sold prices for all property types hovering around $1.09M. Inventory remained limited – a situation likely caused in part by COVID-19 lockdown measures.
Notice: Year-over-year comparisons for May will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.
Average sold prices were at $1,108,453 this May, up slightly from the previous high of $1.097M reached in March. Detached homes accounted for 53% of sales with an average sold price of $1,415,698, a 37% YoY increase. Semi-detached accounted for 11% of sales with an average sold price of $1,064,361, a 23% YoY increase. Townhouses took the same percentage with an average sold price of $949,983, a 38% YoY increase. Condo apartments accounted for the leftover 25% of sales with an average sold price of $682,280, a 9% Year over Year increase.
Hamilton Housing Trends Market Report for June 2021
Market Report Summary | Updated June 8th, 2021
– Average home prices in Hamilton stabilized this May as transactions edged lower
– Average sold prices increased by 31% year-over-year to $786K
– Detached home prices increased by 29% year-over-year to $857K
– Semi-detached/townhouse prices increased by 24% year-over-year to $667K
– Condo apartment prices increased by 27% year-over-year to $480K
Hamilton Residential Market Activity
The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,811 sales of residential properties in May 2021. Sales were reported to be down 5 per cent compared to last month, and up 90 per cent from May 2020. New listings were reported to be down by 14 per cent compared to April 2021, and up 73 per cent from May 2020. The average price of a residential property for the entire RAHB market area was, $843,468, which is only a 1 per cent decrease from April 2021. There was a 29 per cent decrease when compared to May 2020. When it came to inventory that was available at the end of last month it was 6 per cent lower than April 2021.
The above chart, Residential Market Activity, we can see how each neighbourhood in the Hamilton and surrounding area did when it came to sales and the average price of a property. The area that had the most sales for May 2021 was the Hamilton Mountain with a total of 249 sales, and with an average price of $736,782. When it came to the area with the highest average residential property price for May, it was Ancaster. The average price of a property in this area was $1,186,037, with a total of 81 sales. We can now take a look at the below map and get an even closer look at each area.
HAMILTON REAL ESTATE DATA FOR MAY 2021
Current Hamilton MLS® stats indicate an average house price of $826,041 and 1,448 new listings in the last 28 days. As of today, Hamilton housing data shows median days on market for a home is 12 days.
| ALL PROPERTY TYPES $792,746 Avg. Sold Price 31% increase vs. 05/2020 | DETACHED $860,953 Avg. Sold Price 29% increase vs. 05/2020 | SEMI-DETACHED/TOWNHOUSE $667,672 Avg. Sold Price 24% increase vs. 05/2020 | CONDO APARTMENT $480,790 Avg. Sold Price 27% increase vs. 05/2020 |
Notice: Year-over-year comparisons for May will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.
Hamilton’s housing market was stable this May as average sold prices stayed relatively constant month-over-month around $800K. Sales dipped slightly with a 5% month-over-month drop but still remained 98% higher than May 2020 levels. Inventory remained severely limited as the average home sold within 2 weeks of being listed.
The relative strength of detached homes vs condo apartments reversed this month as sold prices for detached homes fell while condo prices continued to surged upwards. Detached homes sold for an average of $860,953 this month, a slight drop from the previous high of $874K set in March. In comparison, average sold prices for condo apartments has continued to skyrocket these past few months, increasing from $472K in March to $480,790 this month. Given the limited number of transactions in Hamilton, however, these figures could be affected by temporary outliers.
Home prices in Hamilton still remain relatively affordable with average sold prices in Hamilton City Centre at less than $600K. Hamilton East is slightly more expensive at an average sold price of $622K. In contrast,average sold prices of homes in Toronto are beyond $1M in most regions. This difference is likely to remain as Toronto benefits from an expanded CMHC First-Time Home Buyer program and a growing tech sector.
The recent increase of the mortgage stress test rate to 5.25% could potentially affect affordability in the region for marginal buyers. However, it is much more likely to affect more leveraged home buyers in the rest of the GTA versus Hamilton, where homes are more affordable.
Stoney Creek Real Estate Stats May 2021
Current Stoney Creek MLS® stats indicate an average house price of $844,510 and 255 new listings in the last 56 days. As of today, Stoney Creek housing data shows median days on market for a home is 11 days
| Stoney Creek | Value | Annual Change |
|---|---|---|
| Average Sold Price: | $844,510 | 24.3% |
| Home Sales: | 185 | 79.6% |
Toronto, Hamilton, GTA Real Estate Conclusion
Residential transactions reported through TRREB’s MLS® System remained high in May 2021, but fell short of the 2016 record and were below this year’s March peak. Despite a slight increase in sales over the last two months, market conditions remained steady enough to push the average selling price to an all-time record in May.
Greater Toronto Area REALTORS® reported 11,951 sales in May 2021 – more than double the result from May 2020, the second full month of the pandemic. May 2021 sales were below the May 2016 record of 12,789 but remained well above the average May sales of 10,336 for the 2010 through 2019 period. Often, May is the strongest sales month in any given year; however, 2021 results bucked this trend, with May sales below the 15,646 deals reported in March.
“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 pullback in sales over the past two months relative to the March peak,” said TRREB President Lisa Patel.
The MLS® Home Price Index Composite Benchmark was up by close to 19 per cent year-over-year in May 2021. The average selling price across all home types was up by 28.4 per cent year-over-year, reaching a record $1,108,453. On a seasonally adjusted basis, the average price increased by 1.1 per cent between April and May 2021.
“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. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well,” said TRREB Chief Market Analyst Jason Mercer.
Toronto, Hamilton, GTA Real Estate Market Watch – Quick Overview
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