GTA Resale Market Sees Record Amount of Sales in April
By Lucas on May 05, 2015
The Toronto Real Estate Board (TREB) just announced that GTA REALTORS reported a record-breaking amount of sales for April 2015 through the MLS system.
In the City of Toronto, there were 4,071 sales, and in the 905 region, 7,232 sales, which equals a total of 11,303 sales - the most there has ever been in April. This is a 17% increase compared to April 2014. While sales were up dramatically, listings made a more moderate year-over-year jump of 5%, reaching 18,117.
“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment,” says TREB President Paul Etherington. “This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First-time buyers and existing homeowners remain very active in today’s market.”
The average selling price of a resale home in April 2015 went up 10%, hitting $635,932. Low-rise homes saw the largest average price increases, and the selling price of condos still increased slightly more than the rate of inflation.
“Demand for ownership housing was very high relative to the number of homes available for sale in April,” says Jason Mercer, TREB’s Director of Market Analysis. “This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong.”
The average selling price of a detached home in the 416 area remains above $1 million at $1,056,114, which is 9.2% higher than April 2014. The most affordable home type remains to be condo units, with an average price throughout the GTA of $380,517.
