There are a few interesting notes about the May 2021 statistics:
May was the second full month of the pandemic in 2020, and the year-over-year comparisons, although not as drastic as those for April, are still unusual, with the number of sales being 160.1% and the number of new listings being 103.7% in May 2021 compared to those in May 2020.
May is often the strongest sales month in a “normal” year, but this year, so far, March was the strongest.
As the TRREB President Lisa Patel was quoted: “…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.” This lack of population growth is largely due to travel restrictions and lack of immigration.
As TRREB’s Chief Market Analyst Jason Mercer was quoted: “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.”
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