Today, May 4, 2016 Toronto Real Estate Board President Mark McLean announced that there were12,085 sales reported through TREB’s MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4% in comparison to April 2015.
For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the ‘416’ area code was due to a lack of low-rise listings.
“Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day,” said Mr. McLean.
“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefited from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” continued Mr. McLean.
The average selling price was up by 16.2%. The higher growth rate reported for the average home price, points to a greater share of high-end home sales this year compared to last.
“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.
“Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day,” said Mr. McLean.
“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefited from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” continued Mr. McLean.
The average selling price was up by 16.2%. The higher growth rate reported for the average home price, points to a greater share of high-end home sales this year compared to last.
“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.
Summary of TorontoMLS Sales and Average Price
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April 1 - 30, 2016
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2016
|
2015
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Sales
|
Average Price
|
New Listings
|
Sales
|
Average Price
|
New Listings
| |
City of Toronto ("416")
|
4,248
|
766,472
|
6,155
|
4,057
|
690,658
|
7,144
|
Rest of GTA ("905")
|
7,837
|
724,235
|
10,097
|
7,197
|
605,336
|
10,894
|
GTA
|
12,085
|
739,082
|
16,252
|
11,254
|
636,094
|
18,038
|
TorontoMLS Sales & Average Price By Home Type
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April 1 - 30, 2016
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Sales
|
Average Price
| |||||
416
|
905
|
Total
|
416
|
905
|
Total
| |
Detached
|
1,401
|
4,661
|
6,062
|
1,257,958
|
881,413
|
968,437
|
Yr./Yr. % Change
|
-4.0%
|
11.2%
|
7.2%
|
18.9%
|
20.7%
|
18.9%
|
Semi-Detached
|
371
|
766
|
1,137
|
901,159
|
572,318
|
679,618
|
Yr./Yr. % Change
|
-10.8%
|
2.8%
|
-2.1%
|
23.8%
|
16.9%
|
18.2%
|
Townhouse
|
440
|
1,402
|
1,842
|
611,899
|
514,774
|
537,974
|
Yr./Yr. % Change
|
-2.0%
|
4.8%
|
3.1%
|
11.0%
|
14.8%
|
13.4%
|
Condo Apartment
|
1,997
|
812
|
2,809
|
436,545
|
343,439
|
409,631
|
Yr./Yr. % Change
|
17.4%
|
9.4%
|
15.0%
|
7.0%
|
7.8%
|
7.6%
|
