May 12 | Posted by Barry Cohen

The Toronto Real Estate Market was as competitive as ever this past April as the average sale price for residential properties increased and fewer listings entered the market compared to this time last year. 

In April 2016 there were 12,085 sales reported through the Toronto Real Estate Board’s Multiple Listing Service® (MLS) System, which represents a 7.4 per cent increase year-over-year where there were 11,254 sales made. These numbers also illustrate a record month for Toronto Real Estate in the month of April. 

While sales continue to trend upwards year-over-year, industry analysts like Jason Mercer of the Toronto Real Estate Board believe the number of sales would be much higher if there had been more new listings. 

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher.  A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis.

There were 831 fewer listings entered into the Toronto Real Estate Board’s MLS® System. 

The average sold price in the Greater Toronto Area increased by 16.2 per cent from $636,094 in April 2015 to $739,082 this past month. These figures are a result of the high demand, competitive environment, and the tremendous market value for residential properties in the GTA.

The current terrain of the Toronto Real Estate Market presents ideal circumstances for anyone homeowners considering selling their Toronto home. If you’re considering selling, or navigating Toronto’s competitive real estate market contact the Barry Cohen Group today.