According to the Toronto Real Estate Board (TREB), there were 12,085 sales through the Multiple Listing Service (MLS) in April. Up by 7.4 per cent compared to April 2015.
April saw an average selling price of $739,082 - which is up by 16.2 per cent from the average selling price of $636,094 reported in April 2015.
“While April’s sales result represented a new record for sales, that 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,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in April 2016 was $615,000.
The median price in April 2015 was $539,000.
“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,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).