April Market Watch - Market Remains Tight with Sales Up in April

Market Watch Report : April 2012

Market Remains Tight with Sales Up in April

May 3, 2012 -- Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

                                          Toronto MLS Sales & Average Price By Home Type


                                                             Sales                                                                   Average Price
                                      416                  905                  Total                     416                       905                     Total

Detached                   1,465               3,743                5,208                   $831,214             $579,278          $650,147

Yr./Yr. % Change      22%                 22%                 22%                      9%                        9%                      9%

Semi-Detached        451                   691                  1,142                    $581,034             $393,889           $467,796

Yr./Yr. % Change     15%                 13%                  14%                     3%                         7%                      5%

Townhouse              423                  1,184                1,607                   $423,062              $364,099           $379,619

Yr./Yr. % Change     6%                    25%                  19%                    1%                         8%                       5%

Condo Apartment    1,534               637                    2,171                  $360,807             $289,819            $339,978

Yr./Yr. % Change      9%                   9%                    9%                        3%                        7%                       4%


               

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Kathleen Xie

Kathleen Xie

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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