April 2021 Resale Market Starts Strong
As the typical spring market ramped up, April was poised to be the strongest on record with over 3,200 new listings of properties for sale. Most of these properties entered the market before the province’s stricter lockdown order was announced midway through the month. Nevertheless, the number of transactions managed to surpass unit sales recorded in previous Aprils. April’s average sale price for condominium class properties saw an increase of 30% from last year, and sale prices for residential-class properties saw an increase of 42% from a year ago. These accelerated price increases boil down to lack of supply speaking to a continued strong Seller’s market. However, April’s substantial increase in new listings, 19% higher than the five-year listing average and over 400 units more than the previous month, gives buyers cautious optimism.
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