| Market Update

Strong Spring Numbers Cause Cautious Optimism


April proved to be a busy month for Toronto-area real estate agents. According to the latest market report from the Toronto Real Estate Board (TREB), the number of residential home sales last month was 16.8% higher than in April 2018.

Agents recorded 9,042 sales, compared with 7,744 in April 2018. Last month’s sales numbers were also up by over 11% compared to March.

New listings were also up year-over-year, by 8%, and the average selling price ($820,148) was 1.9% higher.

On a month-to-month basis, the average selling price in April was up by 1.1%, driven mainly by condos, townhouses, and semi-detached homes.

TREB is cautiously optimistic about the numbers. “The strong year-over-year growth in sales is obviously a good news story and likely represents some catch-up from a slow start to the year,” says TREB president Garry Bhaura. “It should be noted, however, that growth in new listings is not keeping pace with sales. This points to the ongoing housing supply issue in the GTA.”

Jason Mercer, TREB’s chief market analyst, adds, “While sales were up year-over-year in April, it is important to note that they remain well below April levels for much of the past decade. Many potential home buyers arguably remain on the sidelines.”

 

 

Sales Up, But Much of Condo Supplies Still Short


Over 5%. That’s how much higher the average price of a GTA condo was in April 2019 than in April 2018, according to the latest market report from the Toronto Real Estate Board (TREB).

Along with townhouses and semi-detached homes, condos drove the average selling price across all segments up by 1.9% year-over-year to $820,148.

The number of condo sales was also up last month when compared with April 2018; 2,357 sales were reported through the MLS.

Across the entire market, the number of sales was 16.8% higher than in April of last year. New listings were also up year-over-year, by 8%.

That’s good news for Toronto’s real estate market, though TREB does have concerns about how these numbers stack up.

“While sales were up year-over-year in April, it is important to note that they remain well below April levels for much of the past decade,” says Jason Mercer, TREB’s chief market analyst.

Gerry Bhaura, TREB president, says “The strong year-over-year growth in sales is obviously a good news story and likely represents some catch-up from a slow start to the year. It should be noted, however, that growth in new listings is not keeping pace with sales. This points to the ongoing housing supply issue in the GTA.”

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