Finally good news. Compared to the April 2016, we experienced extremely strong growth, more than 33 percent, in new listings last month. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. And as for new listings for condominium apartments, they were at the same level as last year.
The fact that Easter fell in April in 2017 versus March in 2016 resulted in fewer working days and as we know, most sales are entered into TREB's MLS® System on working days. This led to total sales for the TREB market area as a whole being down 3.2 percent year-over-year.
Buyers benefitted from considerably more choice in the marketplace, but as Larry Cerqua, Toronto Real Estate Board President, added:
It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the past year or if some of the increase was also a reaction to the Ontario government's recently announced Fair Housing Plan.
The Home Price Index Composite Benchmark Price was up by 31.7 percent year-over-year in April 2017, and as the average selling price for all home types combined was up to $920,791. Although Jason Mercer, TREB's Director of Market Analysis, said it is encouraging to see a very strong year-over-year increase in new listings, it will:
...take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well above the rate of inflation as we move through the spring and summer months.