April Mid-Month Resale Statistics Released
The Toronto Real Estate Board reported 5,537 sales for the first 14 days of April 2016. This result represented more than a 20% increase compared to 4,604 sales reported for April 2015.
Double-digit annual rates of sales growth were common for many market segments, both in the City of Toronto and the surrounding regions making up the balance of the TREB market area. A notable exception was for sales of semi-detached homes in the ‘416’ area code, where sales were down compared to last year. This was likely due to a lack of listings rather than a lack of demand.
The average selling price for the first two weeks of April 2016 was $730,330, which represented a year-over-year increase of 16.9% compared to an average price of $624,821 reported for the same time period in 2015. Annual rates of price growth were stronger for low-rise home types, both in the City of Toronto and the surrounding regions. This reflects the tighter market conditions for these home types compared to those for condominium apartments.
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