TORONTO – According to the latest numbers released by the Toronto Real Estate Board (TREB), Toronto’s red-hot housing market broke a new record for April sales activity last month – with 11,303 transactions being completed across the GTA.
The record-busting figure also represented a healthy 17 per cent increase over the same total for April 2014 – a jump that TREB President Paul Etherington said can be linked to GTA residents’ growing interest in home ownership.
“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,” explained Etherington.
“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.”
While the average GTA price increased for each home type year-over-year, detached homes – which have recently been the subject of tight buyer competition within the City of Toronto’s boundaries – accounted for the biggest jump, with the price increasing by 11.4 per cent since April 2014.
One key figure that did not increase year-over-year was the number of active listings across Toronto, which fell to 17,182 from the previous April’s 19,118 – a 10 per cent drop. The properties that were listed, however, sold faster – averaging just 18 days on the market (compared to 20 during April 2014).
Jason Mercer, TREB’s Director of Market Analysis, explained that the relatively low number of active listings was a driving factor behind both the strong low-rise prices, and the fast-paced market activity, that the GTA experienced in April.
“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,” said Mercer.
“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.”