April 2016 Resale Home Sales

Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB’s MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the ‘416’ area code was due to a lack of low-rise listings. Many would- be buyers were not able to find a home that met their needs.

“Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day,” said Mr. McLean.

“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” continued Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis. 

Source: TREB

 

April 2016 2015
  Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
Sales City of Toronto ("416") 4,248 $766,472 6,155 4057 $690,658 7,144
Rest of GTA ("905") 7,837 $724,235 10,097 7,197 $605,336 10,894
GTA 12,085 $739,082 16,252 11,254 $636,094 18,038
             
Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1401 -4.0%   $1,257,958 18.9%  
Rest of GTA ("905") 4661 11.2%   $881,413 20.7%  
GTA 6062 7.2%   $968,437 18.9%  
             
Semi-Detached 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 371 -10.8%   $901,159 23.8%  
Rest of GTA ("905") 766 2.8%   $572,318 16.9%  
GTA 1,137 -2.1%   $679,618 18.2%  
             
Townhouse 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 440 -2.0%   $611,899 11.0%  
Rest of GTA ("905") 1402 4.8%   $514,774 14.8%  
GTA 1,842 3.1%   $537,974 13.4%  
             
Condo Apartment 2016 Sales VYA   Average
Price
VYA  
Sales City of Toronto ("416") 1997 17.4%   $436,545 7.0%  
Rest of GTA ("905") 812 9.4%   $343,439 7.8%  
GTA 2809 15.0%   $409,631 7.6%  
             
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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