The Toronto Real Estate Board released their market report for the first two weeks of April 2015 today. Their report shows another time frame of increases compared to the same time period last year; increased sales, increased price and increased listings. The spring market has had a strong start. Check out the market report below. If you’d like more information or insight into what this could mean for you as a property owner or property hunter, feel free to contact me directly.
TREB: Mid-April 2015 market report
TORONTO, April 16, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 4,635 home sales during the first 14 days of April 2015. This result represented a 3.4 per cent increase compared to April 2014. New listings over the same period were down by 4.6 per cent year over year.
“Home sales in the GTA continued to increase in comparison to 2014 as a diversity of buyers took advantage of affordable home ownership options. However, in many neighbourhoods, listings remain scarce, particularly for ground-oriented home types like singles, semis and towns. Given the amount of pent-up demand in the market today, sales growth would accelerate further if more homes were listed for sale,” said Mr. Etherington.
The average selling price for April mid-month home sales was $625,121 – up seven per cent in comparison to the same time frame in 2014. Average prices were up for all major home types, both in the City of Toronto and the surrounding regions.
“We are experiencing balanced to seller’s market conditions in most areas and market segments in the GTA. This suggests that home ownership demand is being driven by a wide swath of the population. On one hand, strong growth in condo listings has been met with strong growth in condo sales. On the other hand, we have also experienced growth in higher-end home sales,” said Jason Mercer, TREB’s Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price April 1-14, 2015 | ||||||
| 2015 | 2014 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 1,630 | $676,359 | 3,222 | 1,628 | $668,739 | 3,225 |
| Rest of GTA (“905”) | 3,005 | $597,328 | 4,770 | 2,855 | $536,094 | 5,155 |
| GTA | 4,635 | $625,121 | 7,992 | 4,483 | $584,264 | 8,380 |
| TorontoMLS Sales & Average Price By Home Type April 1-14, 2015 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 566 | 1,753 | 2,319 | $1,057,687 | $719,674 | $802,173 |
| Yr./Yr. % Change | -8.6% | 7.2% | 2.8% | 4.1% | 12.5% | 8.0% |
| Semi-Detached | 174 | 286 | 460 | $712,872 | $487,263 | $572,602 |
| Yr./Yr. % Change | 7.4% | -9.2% | -3.6% | 1.6% | 11.2% | 8.5% |
| Townhouse | 178 | 560 | 738 | $561,247 | $444,386 | $472,572 |
| Yr./Yr. % Change | 6.6% | 4.1% | 4.7% | 14.7% | 8.2% | 10.1% |
| Condo Apartment | 695 | 322 | 1,017 | $391,937 | $313,495 | $367,101 |
| Yr./Yr. % Change | 3.7% | 11.8% | 6.2% | 1.0% | 5.3% | 1.8% |
Click here to view the market report on TREB’s website.