Photo by Amarpreet Kaur
April is gone and I hope you all had happy Easter holidays. However, while the kids were hunting eggs, the real estate market was rising once again. In fact, according to TREB's President Paul Etherington, the overall sales in GTA in April 2015 were highest on the record so far!
The number of sales in the City of Toronto itself has reached 4,071 which is 14.9 per cent increase when compared to 3,544 sales made in April 2014. Increasing demand has of course also pushed up the average price, which reached $690,261. Compared to $641,666 from last year's April, it's an 7.6 per cent increase. On the other hand, the number of active listings has dropped by 14 per cent from last year's 7,674 to 6,593 and the number of new listings was also lower by 8.4 per cent. The high demand for all types of residential units means lowering stocks and increasing prices and this trend is likely to continue in next months.
“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,”
said the Director of Market Analysis of Toronto Real Estate Board, Jason Mercer.