The Toronto Real Estate Board (TREB) reported a total of 11,303 sales in April 2015, the highest number ever recorded for the month and a 17 per cent increase over April 2014. New listings also increased over the previous year, jumping up 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,” says Paul Etherington, TREB President. “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.”
The average selling price of all housing types increased by 10 per cent from the same period last year, to $635,932. Price growth in the GTA was the strongest for low-rise housing, but healthy growth was also seen in the condominium sector.
“Demand for ownership housing was very high relative to the number of homes available for sale in April,” says Jason Mercer, Director of Market Analysis at TREB. “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.”