In a recent report released by the Toronto Real Estate Board President Garry Bhaura, the GTA saw a substantial year-over-year increase in home sales in April 2019. Sales across the GTA rose 16.8% to 9,042 compared to 7,744 in April 2018, showing advances in the housing market from a slow start to the year.
Growth in new listings was also up by 8%. However, sales did not directly reflect this. It instead pointed to the market towards an acceleration in price growth.
April also represents the strongest annual rate of growth in 2019 thus far, with the average selling price up by 1.9% year-over-year to $820,148. The average selling price was also up by 1.1% compared to March.
Condominium apartment segment and higher-density low-rise segments continue to drive price growth. The detached market segment rose significantly with the highest price point on average, but it was also the most affected by measures such as the OSFI stress test.
“While sales were up year-over-year in April, it is important to note that they remain well below April levels for much of the past decade. Many potential homebuyers arguably remain on the sidelines as they reassess their options in light of the OSFI-mandated two percentage point stress test on mortgages,” said Jason Mercer, TREB’s Chief Market Analyst.
Source: trebhome.ca GTA REALTORS® Release April 2019 Stats
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