Sales in the Greater Toronto Area climbed to 11,303 this past April – a 17 percent increase over April 2014 sales, and the highest sales result on record for the month of April!
Toronto Real Estate Board President Paul Etherington confirmed, “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.”
The overall average selling price jumped ten percent year-over-year to $635,932. Price growth in the GTA was strongest for low-rise home types, however the condo market also remained healthy with price growth above the rate of inflation.
New listings increased during April by just five percent, prompting Jason Mercer, TREB’s Director of Market Analysis to say, “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.”
For more details and a snapshot of last months report, Click Here