Look at how time flies! Before long, we’ll be wrapping up the spring house-buying spree and onwards we’ll move on to summer. But before that, want to know what’s new in GTA’s real estate for the previous month?
April marked new record levels in terms of real estate sales this side of Canada with a 17% increase across GTA. Not only that, but prices also hiked up 10% from previous record as released by the Toronto Real Estate Board recently.
How many homes exchanged hands then? Just a few…just a few hundreds short of 12,000 that is! Toronto realtors reported that the sales figures for April 2015 is at a record high of 11,303 homes.
It’s Still the Law of Supply and Demand!
Demand for new homes remain high and supply is still limited, even with an increase of 5% in terms of new listings. Numbers may not be truly reflective of the real state of real estate though (excuse the pun), as active listings are actually decreased by 10% compared to a similar period a year ago. Jason Mercer, TREB’s director of market analysis says that strong price gains may be the scenario for the rest of the year.
Up, Up, and Up!
With first time buyers flooding open houses, the average selling price went up to $635,932. That’s an increase of 10%! This number is a bit skewed by a high percentage of high-end sales; but still, the trend is there.
In fact, even condos are getting a price increase. That’s how things are, even if new condos are becoming available on a regular basis. For the first time, average condo sales passed the $400,000 mark. The figures increased 5.8% from April 2014 and is now at $407,612. Is this only in the cities? Actually, condo prices in the 905 suburbs are outpacing inflation and income gains, with an increase of 7.4% from last year and now averaging at $318,471 for sales. You may think this is only true for high-rises but a look at the low-rise homes across GTA revealed a spike of 16.1% in average sales, with the 416 region raking in a 14% sales increase and the 905 region with a record surge of 21.5%.
How about townhouses then? Well, those who cannot get their hands on detached houses and not into condos are looking for townhouses. Evidence of this is the 20% increase in townhouse sales across GTA, with the highly sought after 416 region registering a 29% increase. In Toronto, townhouse prices surged 10%, with sales prices at an average of $551,231. The 905 regions are not to be left out with sale prices now averaging at $448,236, a 9.5% increase from last year.
With detached homes having a sales spike of 17% and semi-detached homes sales at a 15% hike across GTA for April, prices are now averaging at above a million in the 416 region and at $729,961 in the 905 regions for detached homes; and at an average of $727,875 in the city of Toronto and at $489,796 in the 905 regions for semi-detached homes.
We guess that all the figures above just states that the GTA housing market is as hot as ever. This means that the longer you wait out on buying or selling, the more the prices are going trend up.
Brad Miller - The Goodale Miller Team