Greater Toronto Area REALTORS® reported an increase in home sales in April 2019. The number of residential transactions was up by 16.8 per cent to 9,042 compared to 7,744 in April 2018.
Biggest sales were reported in the detached homes segment with 21.9 per cent more sales than last year. Close by were semi-detached homes and townhouses with 20.4 and 20.3 per cent rise respectively. Condominium segment was up by 6.7 per cent.
New listing went up by 8 per cent as well and active listings were down only by 0.9 per cent. As much as the listings growth might look good after a few months in negative numbers, it must be noted that the listings are not keeping pace with the sales, which might drive the prices up in the future.
Currently, the average price around GTA was $820,148, which is 1.9 per cent higher than last year this time. The biggest surge in the price reported condominiums with 5.1 per cent change. Next went semi-detached homes and townhouses respectively, with 2 and 1.6 per cent change. The only segment where average prices went down in year-over-year comparison, were detached homes, with 1.3 per cent fall. Average days on the market landed on 19, which is one day less than a year ago.
Richard Silver, Sales Representative, SVP-Sales
Spring has sprung but later than usual. The market has shown increases in sales and listings. The cold of January and February this year was a big factor in getting people out to look for property options but as the weather has gotten better, more listings have come to the market and more sales are following. There has been a pent-up demand for the right product and the entry of more options into the market place is a good-news story.
Years of trying to predict the outlook have led us to realize that the general trend in Toronto is basically a positive one driven by immigration, interest rates and now more often, the market economy in the Golden Horseshoe (GTA). What changes is the timing of the year, the effects of weather or sometimes an election (the next being the Federal election, October 21, 2019), and any Government policies or taxes. We do live in a bubble that the rest of Canada is not experiencing; Will it continue or slow down? At present we have seen a long period of growth in the GTA and it does not look as if it will be curtailed.