GTA Resale Market Up 17% Comparing to April 2014

by Scarlett
May 19, 2015
Category:   Market Updates
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TORONTO, May 5, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.

graph“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. 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,” said Mr. Etherington.

The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 per cent year-over-year to $635,932. The MLS® Home Price Index (HPI) 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 per cent over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.

Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.

“Demand for ownership housing was very high relative to the number of homes available for sale in April. 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,” said Jason Mercer, TREB’s Director of Market Analysis.

Click here to see Full Report [pdf]

Historic Annual Sales and Average Price [pdf]

 

Summary of TorontoMLS Sales and Average Price
April 1-30

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416”)

4,071

$690,261

7,175

3,527

$642,782

6,654

Rest of GTA (“905”)

7,232

$605,349

10,942

6,133

$541,302

10,594

GTA

11,303

$635,932

18,117

9,660

$578,354

17,248

TorontoMLS Sales & Average Price  By Home Type April 1-30

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,468

4,214

5,682

$1,056,114

$729,961

$814,225

Yr./Yr. % Change

13.8%

18.2%

17.0%

9.2%

13.1%

11.4%

Semi-Detached

415

750

1,165

$727,875

$489,796

$574,605

Yr./Yr. % Change

14.3%

15.0%

14.8%

3.5%

10.5%

7.2%

Townhouse

451

1,342

1,793

$551,231

$448,236

$474,143

Yr./Yr. % Change

28.9%

17.9%

20.5%

10.3%

9.5%

10.1%

Condo Apartment

1,706

745

2,451

$407,612

$318,471

$380,517

Yr./Yr. % Change

13.9%

21.5%

16.1%

5.8%

7.4%

5.8%

Here is a video from the Toronto Real Estate Board on the April Market Watch for 2015.

Source: (All data and comments in this article is an excerpt from the  market watch report prepared by Toronto Real Estate Board)


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