Record
Sales in April 2015
May 5, 2015 -- 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. Firsttime 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.
