April Market Update
Condo sales continued to lead the GTA housing market in April 2014 – posting an increase of 4.6% over April . This follows March’s strong showing and contrasts with sales of detached, semi-detached and townhome properties.
According to results released Tuesday by the Toronto Real Estate Board (TREB). The first month of the spring housing market brought a general leveling off of sales. April sales of all housing types increased by 1.8% year-over-year to 9,706. This compares to a 7.2% gain in March 2014. According to TREB, the results reflect continuing tight inventory.
Condo sales totalled 2,123. Including 1,505 in Toronto (up 3.2%) and 618 in the rest of the GTA (up 8.2%). In contrast, sales of semi-detached homes declined by 5.4% (down 10.8% in the 416 and 2.1% in the 905)
Condos remain a bargain across the GTA: While prices increased along with the rest of the market in April, condo price increases were moderate.
The average price of all housing types for April 2014 jumped by 10.4% to $577,898 over the same period last year, while condo priced averaged a 2.9% increase to $358,944; condos in 905 posted a price gain of 8.1% to $296,078 and 416 condos recorded a 1.8% price increase to $384,758.
TREB suggests that this price growth will continue unless inventory levels increase. This is good news for condo buyers, as current inventory levels are expected to remain high.