TREB announced 12,085 sales were reported through TREB’s MLS® in April 2016. This is a record for the month of April and it represents a 7.4 per cent increase compared to April 2015.
Sales were down for detached and semi-detached houses and townhouses on a year-over-year basis. This is due to the low inventory we’ve been experiencing, a lot of potential buyers were not able to find a home that suits their needs. Active listings were down by 26.9 per cent in a year-over-year comparison and new listings down by 9.9 per cent.
The average selling price in Toronto was up by 16.2 per cent, rising from $636,094 in April 2015 to $739,082 in April 2016.
TREB Stats are again showing increases over the year before, but I can tell you on a personal note that our team and office have never been as busy. It seems that houses are flying off the shelves with multiple offers. There is a lot of finger pointing going around as to what continues to fuel the Toronto market and yes there had been a push upward. There are physical reasons due to a shortage of land and a world wide recognition that Canada is a great place to grow your family. Our colleagues around the world however think that Toronto prices are low for a major centre.
Mortgage rates continue to stay low. Refinance your home if needed, to take advantage of the lower rates and at the same time to make sure your roof and all major services are up to date. Please do not wait till just before you sell to add enjoyment to your home.
Title photo by Marco Bellucci