Monthly Sales Figures: Toronto sales and prices climb but detached-home prices fall in the 905

by Ray Kar, May 7, 2019

Monthly sales figures where  just released by the Toronto Real Estate Board.  Here’s are some highlights from TREB’s data:

  • There were 9,042 residential transactions in April, climbing 16.8 per cent from 7,744 sales during the same time last year
  • Average home prices across the GTA rose year-over-year in April relative to the first three months of 2019
  • The average composite sale price of a Toronto home increased by 1.9 per cent to $820,148 from $804,926.  The composite price reflects the average of all home styles (condo’s, towns, detached, etc.). The hike in prices was driven primarily by higher-density segments, such as condos and lowrise apartments
  • The average price of a condo rose 5.1 per cent year-over-year to $588,168
  • The average price of a detached home decreased by 1.3 per cent year-over-year to $1,018,147, weighed down by the 905 suburban regions around the city
  • In Toronto proper (416), the average price of a detached home remained stable at $1,355,764 — a 0 per cent change year-over-year. In the 905 suburbs,  the average price for a  detached home was $914,249, a 1.7 percent year-over-year decline
  • According to a number of realtors and market observers, mortgage stress testing has limited pricing growth in the detached segment, typically the most expensive housing type
  • The number of new listings also increased, up by 8 per cent year-over-year to 17,205 from 15,933, the annual growth rate for new listings was lower than that for sales. This signals tightening market conditions that could bump up prices, according to TREB

Readers can learn more from the links below:

https://www.thestar.com/news/gta/2019/05/06/toronto-sales-and-prices-climb-but-detached-home-prices-fall-in-the-905.html

https://business.financialpost.com/real-estate/toronto-housing-market-begins-busy-spring-season-with-a-bounce

 

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