April Mid-Month Resale Statistics Released
The Toronto Real Estate Board reported 6,098 transactions for the first 14 days of April 2017. This result was up by 10.8% in comparison to the same time period in April 2016. Sales were up for all major home types on a year-over-year basis – both in the City of Toronto and surrounding regions making up the TREB market area.
The number of new listings was also up annually, at 8,978 compared to 7,696 – an increase of 16.7%. It is interesting to note that the annual rate of increase for new listings outstripped the annual rate of increase for sales. This means that market conditions were less tight compared to last year, with sales accounting for a smaller share relative to new listings.
The overall average selling price for transactions reported during the first two weeks of April was up by 29.8% compared to the first two weeks of April 2016. Looking at the TREB market area as a whole, the strongest annual average rate of price growth was experienced in the condominium apartment market segment.
Looking forward, growth in new listings will have to outstrip growth in sales for a sustained period of time in order for more balanced market conditions and, by extension, a more moderate pace of home price growth to emerge.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at email@example.com
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