May 14 | Posted by Barry Cohen

While the weather in April was on the dismal side, news from the Toronto Real Estate Board was anything but – another sales record broken; another consecutive gain in average housing prices and inventory was on the rise.  The strong results in April clearly indicate that a large percentage of our population view home ownership as a high-quality, long-term investment across the board for all major home types.

Members of the Toronto Real Estate Board broke a record last month registering the highest number of sales ever recorded in the month of April.  Area realtors sold 11,303 properties through the Board’s MLS service representing a 17 percent increase compared with the same period last year.  Until recently, inventory had been low, but last month we saw a 5 percent rise in available properties for sale in the GTA.

The overall selling price, which accounts for all homes reported sold by GTA Realtors was up by 10 percent last month year-over-year to $635,932.  The MLS Home Price Index Composite Benchmark (which estimates the price of a benchmark home with the same attributes from one period to the next) was up by 8.4% over last April.  The fact that average price growth outpaced growth for the MLS Home Price Index Composite Benchmark suggests that a greater share of higher-end homes changed hands this year compared to last.

Once again, we saw the highest price growth in low-rise homes, but condominium apartments reported price growth above the rate of inflation.  Housing price growth will likely remain strong until the GTA experiences a sustained period of listings growing at a faster rate than sales, which is not predicted until the end of the year.  The following charts indicate just how strong the housing market is our area.

Sales & Average Price by Major Home Type

    Sales
    Avg Price
 
  416
905
TOTAL
416
905
TOTAL
Detached
1468 4214 5862 $1,056,114 $729,961 $814,225
Sem-Detached
415 750 1165 $727,875 $489,796 $574,605
Townhouse
451 1342 1793 $551,231 $448,236 $474,143
Condo Apartment
1706 745 2451 $407,612 $318,471 $380,517


Year-Over-Year Summary

  2015
2014
% Change
Sales
11,303 9,660 +17%
New Listings
18,117 17,248 +5%
Active Listings
17,182 19,118 -10.1%
Average Price
$635,923 $578,354 +10%
Average Days On Market
18 20 -10%


With average days on the market low and housing sales setting records, now is the ideal time to list your property.  In an active market like ours, you need the expertise of an experienced realtor to assist you in pricing, marketing and negotiating the sale of your home.  I would be happy to meet with you and provide you with an accurate evaluation of your home’s current value and discuss the many professional services I offer.