Home sales in Toronto through the month of April 2016 hit 12,085 sales according to the Toronto Real Estate Board, up 7.4 per cent compared to the same time last year.
“Demand remained strong for all types of ownership housing,” said Mark McLean, president of the Toronto Real Estate Board. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day.”
He continued, “While April’s sales result represented a new record for sales, that particular number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth.”
The average selling price for a home in Toronto during the month of April was $766,472, compared to $739,082 in the GTA and $724,235 in the 905 area code. This represents an increase of 16.2 per cent over the same time last year.
Jason Mercer, the Director of market Analysis for the Toronto Real Estate Board, said, “As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced.”