Scarborough Housing Market Report - May 2021

Scarborough Housing Market Report - May 2021

Scarborough Housing Market Report - May 2021

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While demand is still robust, the average price of detached houses dropped by 2% in May.

Freehold Attached Market

The freehold attached houses' average price, including town, semi, and link houses, was unchanged v.s. last month, up 19.8% from the same month last year. The average time to sell this type of home is around 10.7 Days. The current month of inventory of Attached houses in Scarborough is about 0.8. Therefore, this segment of housing is currently in a Strong Seller's Market.

Freehold Detached Market

The average price of detached houses was down 3.7% from the previous month, up 15.3% from the same month last year. Approximately 78.0% of total freehold units sold in Scarborough last month are Detached houses. If you plan to buy a detached home in Scarborough, you will need to spend an average of $1.2M. The current month of inventory of detached dwellings in Scarborough is around 0.85. Both new listings and sold listings are down this month. Given solid demand but limited supplies, the buyers have limited options. Nevertheless, with the new mortgage stress test rule effective on June 1st, buyers will qualify less on the mortgage to purchase a home. The reduced buyer's affordability could impact the price in the coming months.

Condo Market

The average price of the condo had its first decline since last Nov, down 1% compared April, but up 13% v.s. last May. The sold listing dropped by 29%. Such a significant drop could be due to the lockdown starting in the mid of April.

If you plan to move to Scarborough or you want to learn more about real estate investment opportunities in Scarborough, please contact Toronto real estate agent Realtor Alan Zheng at 647-877-9311.