Market news and stats for May 2021

The biggest change in number of sales and prices was seen in the condominium market. There were more than twice as many sale in May than in April and the median price from $524,500 in April went up to $602,000 in May. Both, detached homes and semi-detached homes, saw a slight price decrease in May in comparison to April . It is noted that in same areas not as many buyers make an offer on offer date. 

Effective June 1st, the minimum qualifying rate of residential mortgages is the greater of the mortgage contract rate plus 2% or 5.25%. It needs to be seen if this will have an effect on the market. 

If you have any question please let us know - as always, we’d love to hear from you.