The Toronto Real Estate Board says that home sales and prices have both increased in April 2015 over April 2014 in its latest Toronto MLS statistics.
Home sales in the Greater Toronto Area increased by 17 per cent, for a total of 11,303 sales, and new listings increased by five per cent.
“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment,” said Paul Etherington, the President of the Toronto Real Estate Board, in a press release. “This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First time buyers and existing homeowners remain very active in today’s market.”
Average home selling prices increased by 10 per cent to reach $635,932, which is an increase of 10 per cent over the same time last year.
Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, said that, “Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong.”