April 2021 Luxury Market Report

WELCOME TO OUR MONTHLY TORONTO LUXURY MARKET UPDATE

Luxury home prices continue to see record highs in in Toronto and GTA, as the influence of being able to work from home is still driving buyers away from living in high density areas.

Low interest rates also remain in play, allowing buyers to realize the affordability of owning a larger property, which further reinforces this trend.

While current sales can not be sustained indefinitely we do not see a fall in price points during 2021, mainly because inventory levels continue to be at an all-time low across many luxury communities.

In the detached market, the luxury market saw:

Official Market Type: Seller’s Market with 95% Sales Ratio
Inventory decreased by 31% compared to April 2020
Sales increased by 253% compared to April 2020
The median luxury sales price for single-family homes increased 6% to $3,120,000
The median days on market reduced to 7 days from 15 days in
The highest sales ratio is in 4 and 5-bedroom homes
Homes sold for a median of 100.00% of list price in March 2021.

In the attached market, the luxury market saw:

Official Market Type: Seller’s Market
Inventory increased by 27% compared to April 2020
Sales increased by 150% compared to April 2020
The median luxury sales price for attached homes decreased 2% to $1,100,000
The median days on market reduced to 8 days from 9 days in
The highest sales ratio is in 1 and 2-bedroom homes

It is important to remember that for the second half of March, we are comparing against the initial impact of COVID-19 in the second half of March 2020 when sales activity stopped.

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