According to the latest from the Toronto Real Estate Board, home sales in the Greater Toronto Area were up by 3.4 per cent to 4,635 sales in the first two weeks of April compared to the same time last year. New listings decreased by 4.6 per cent.
“Home sales in the GTA continued to increase in comparison to 2014 as a diversity of buyers took advantage of affordable home ownership options,” said Paul Etherington, the president of the Toronto Real Estate Board in a press release. “However, in many neighbourhoods, listings remain scarce, particularly for ground-oriented home types like singles, semis and towns. Given the amount of pent-up demand in the market today, sales growth would accelerate further if more homes were listed for sale.”
The average selling price increased by seven per cent to $625,121 compared to the same time last year.
Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis, said, “We are experiencing balanced to seller’s market conditions in most areas and market segments in the GTA. This suggests that home ownership demand is being driven by a wide swath of the population. On one hand, strong growth in condo listings has been met with strong growth in condo sales. On the other hand, we have also