Greater Toronto Realtors reported 9,042 residential sales through the Toronto MLS system in April 2019. The number of transactions in April jumped by 16.8% compared to 7,744 in April 2018.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in April at 21.9%.
The number of new listings reported in April 2019 was up by 8.0% compared to April 2018. The number of active listings reported in April 2019 was down by 0.9% compared to April 2018. Both statistics support tighter market conditions.
“The strong year-over-year growth in sales is obviously a good news story and likely represents some catch-up for a slow start to the year. TREB’s sales outlook for 2019 anticipates an increase relative to 2018. It should be noted, however, that growth in new listings is not keeping pace with sales. This points to the ongoing housing supply issue in the GTA. In this regard TREB welcomes the provincial government’s Housing Supply Action Plan announced last week to reduce red tape and improve the mix of housing types. TREB provided input on the Plan through submissions and participation on working groups, ” said Gary Bhaura, TREB’s President.
The average price in April was up by 1.9% from the same time last year to $820,148. Condo apartments in the GTA led the way in terms of an average price increase at 5.1% compared to the same time last year.
“While sales were up year-over-year in April, it is important to note that they remain well-below April levels for much of the past decade. Many potential home buyers arguably remain on the sidelines as they reassess their options in light of the OSFI-mandated two percentage point stress test on mortgages. Longer term borrowing costs have trended lower this year and the outlook for short-term rates, for which the bank of Canada holds the lever, is flat to down this year. Unfortunately, against this backdrop, we have seen no movement toward flexibility in the OFSI stress test,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments increased by 2.6% in April 2019. The average price of a 416 condo apartment increased by 5.8% in April 2019 from the same time last year to $637,181
Condominium apartments accounted for 26.1% of total GTA sales in April while detached homes accounted for 46.2% of the total sales.
Other notable statistics include the average days on the market for April at 19 days, down 1 day from a year earlier. The sales-to-listings ratio for April 2019 was 50.1% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
Do you have any questions about Toronto Real Estate? Please contact me
direct at 416-520-6746 or by
** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page
Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.