The spring house-buying spree hit record levels in April, with sales up a stunning 17 per cent year over year across the GTA and prices up 10 per cent, according to figures released by the Toronto Real Estate Board Tuesday.
That sales surge resulted in the strongest April for sales ever recorded by Toronto realtors. Some 11,303 homes changed hands across the GTA.
The fact that demand remains so high in the face of limited supply – new listings were up five percent in April, but active (total) listings down more than 10 per cent over a year ago – means strong price gains are likely for the remainder of 2015, said TREB’s director of market analysis, Jason Mercer.
The average selling price, which combines all housing sectors including condos, hit $635,932, up 10 per cent in April as first-time and move-up buyers flooded open houses.
But the MLS composite benchmark price, which factors out sales at the extreme ends, was only up 8.4 per cent, signalling that the sales numbers were skewed by a higher number of high-end sales, the board noted.
Even condo buyers couldn’t get a break in April, despite the fact new units are coming on the market monthly.
The average sale price of a Toronto condo surpassed $400,000 for the first time in April, hitting an average of $407,612, up 5.8 per cent from April of 2014. Price growth was even stronger in the 905 suburbs where condo prices averaged $318,471, a 7.4 per cent increase from a year ago and far outpacing inflation and income gains.
Condo sales weren’t that far behind those of low-rise houses across the GTA, with a 16.1 per cent spike in sales. The biggest surge (up 21.5 per cent) was in the 905 region, compared to almost 14 per cent sales growth in the 416 region, according to TREB’s monthly figures.
The fact that townhouses have become the new go-to housing for those priced out of the detached market, but not keen on high-rise condo living, was reflected in the April sales figures. Sales in that sector climbed above 20 per cent, with an almost 29 per cent increase in sales in the highly sought after 416 region.
The average sale price of a townhouse was up about 10 per cent, with average prices at $551,231 in Toronto (up 10.3 per cent year over year) and $448,236 (up 9.5 per cent) in the 905 regions.
Detached home sales saw a 17 per cent spike across the GTA, with sales gains stronger (18.2 per cent) in the 905 regions than the City of Toronto (up 13.8 per cent.) The average price of a detached remained above $1 million in the 416 region, up 9.2 per cent year over year in April to $1,056,114. The average detached price was up 13.1 per cent in the 905 regions to $729,961.
Sales of semi-detached homes climbed by almost 15 per cent across the GTA and prices hit a new high of $727,875 (up 3.5 per cent) in the City of Toronto and $489,796 (up 10.5 per cent) in the 905 regions.
