In the first two weeks of April, the Greater Toronto Area REALTORS® recorded 4,635 GTA home sales, marking a 3.4-per-cent year-over-year increase. For the same period, new listings dropped 4.6 per cent year over year.

“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, president of the Toronto Real Estate Board (TREB). “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 for homes sold in the first two weeks of April represented a seven-per-cent year-over-year increase, to $625,121. All major home types in both the City of Toronto and surrounding regions saw higher average prices.

“We are experiencing balanced to seller’s market conditions in most areas and market segments in the GTA,” said Jason Mercer, director of market anaylsis, TREB. “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 experienced growth in higher-end home sales.”