April 2015 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.

“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,” said Mr. Etherington.

The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 per cent year-over-year to $635,932. The MLS® Home Price Index (HPI) composite benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4 per cent over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.

Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.

“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,” said Jason Mercer, TREB’s Director of Market Analysis. 

 

April 2015 2014
2015 Sales Average Price New Listings Sales Average Price New Listings
             
Sales City of Toronto ("416") 4,071 $690,261 7,175 3527 $642,782 6,654
Rest of GTA ("905") 7,232 $605,349 10,942 6,133 $541,302 10,594
GTA 11,303 $635,932 18,117 9,660 $578,354 17,248
             
Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1468 13.8%   $1,056,114 9.2%  
Rest of GTA ("905") 4214 18.2%   $729,961 13.1%  
GTA 5682 17.0%   $814,225 11.4%  
             
Semi-Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 415 14.3%   $727,875 3.5%  
Rest of GTA ("905") 750 15.0%   $489,796 10.5%  
GTA 1,165 14.8%   $574,605 7.2%  
             
Townhouse 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 451 28.9%   $551,231 10.3%  
Rest of GTA ("905") 1342 17.9%   $448,236 9.5%  
GTA 1,793 20.5%   $474,143 10.1%  
             
Condo Apartment 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1706 13.9%   $407,612 5.8%  
Rest of GTA ("905") 745 21.5%   $318,471 7.4%  
GTA 2451 16.1%   $380,517 5.8%  
             
Source: Market Watch Monthly News Release        

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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