The Greater Toronto Area Realtors have just released the latest sales figures for April. Last month, there were 11,303 sales transactions reported through the TorontoMLS system, setting a record high in the number of sales for April. This figure represents a strong 17 per cent increase compared to April 2014. Meanwhile, the number of new listings was up a more modest 5 per cent year-over-year.
Speaking of these numbers, Toronto Real Estate Board President Mr. Paul Etherington stated that last month’s record-setting numbers “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 homes types.”
This, combined with the relative shortage of listings as compared to demand, has helped to drive up the average selling price. Last month, the average selling price was $635,932, which represents a 10 per cent year-over-year increase from $578,354. All home types mirrored this upward trend; however, low-rise home types saw the greatest price growth.
TREB’s Director of Market Analysis Jason Mercer added that “demand for ownership housing was very high relative to the number of homes available for sale in April” and expects this trend to continue for the remainder of the year.
If you have more questions about the real estate market or are thinking about buying or selling your home, speak to a knowledgeable and experienced real estate representative today!