Monthly Real Estate Sales for April 2015
The Toronto Real Estate Board reported 11,303 real estate 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 MLS listings were up over the same period by a more modest five per cent.
Record Real Estate Sales
The record results for real estate sales in April clearly illustrate that a burgeoning number of Toronto area families view home ownership as a priority, high quality long-term investment. This is evidenced by the strong sales growth experienced here in Toronto and the surrounding regions for all major types of housing. First time buyers and existing homeowners remain very active in today’s market.
The overall average selling price, which is a total combined number for all real estate sale for all types of homes reported sold by Toronto area real estate agents 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 during the same timeframe. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher priced homes changed hands this year compared to last.
Single Family Homes Strong
No matter which indicator used, price growth in the Greater Toronto Area was strongest for low-rise home types. However, the better supplied highrise condo segment remained healthy as well, with price growth above the rate of inflation. Demand for home ownership was extremely high compared with the number of homes available for sale in April.
The market is not expected to change much as we move through the balance of the year. Until there is a sustained period during which listings grow at a faster pace than sales, annual rates of housing price growth will remain robust.