The Greater Toronto Realtors have just released the latest sales figures for the Greater Toronto Area. Last month, there were 9,706 sales reported through the TorontoMLS system, which represents a 1.8 per cent increase compared to April 2013.
According to Toronto Real Estate Board President Diane Usher, “April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year.” Consistent with a continuing trend of a shortage of listings, she added that “a substantial number of GTA residents were able to come to terms on a home that met their needs. However, sales levels would have been higher, but for the lack of supply.”
Ms. Usher provided one explanation for this: “Studies and polling suggest that the additional upfront land transfer tax in the City of Toronto has prompted some households to stay put and renovate rather than list their home and move.”
It is these tight market conditions that have inadvertently driven up home prices. The average selling price last month was $577,898, which marks a 10.1 per cent year-over-year increase over April 2013’s average of $524,868.
“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto,” said Toronto Real Estate Board Senior Manager of Market Analysis Jason Mercer. “Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm.”
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