According to new numbers released by the Toronto Real Estate Board (TREB), the average selling price during the first two weeks of the month was $527,397, up 4.3 per cent from $505,617 in 2012.
“The annual rate of price growth so far in April is actually above TREB’s forecast of 3.5 per cent for 2013,” said Jason Mercer, the Board’s Senior Manager of Market Analysis in the news release.
“Strong growth in the average condo apartment price in the City of Toronto was a key driver in this regard.”
That’s right, condos led price growth in Toronto-proper. The average sale price came in at $386,602, up 5.9 per cent from the year before. Either way, that stat’s mighty impressive considering the scarcity of low-rise housing stock in the city. In the 416, the bump in condo prices was followed by a 5 per cent growth in the cost of a detached house in the city, which rose to an average of $847,793.
The story is notably different in the 905, where condo prices slid by 6.6 per cent to $271,777 but detached home values rose by 3.7 per cent to $589,985.
Even though April had one extra sales day this year (2012 lost a day to Good Friday), sales were down slightly by roughly 0.8 per cent.
One aspect of the market we’ll be watching closely is new listings. They’re up a fair amount from the year before. The first half of April 2012 saw 7,580 properties come on the market, while 2013 posted 8,770 listings, or a 15.7 per cent increase.
Will extra properties on the market drive the price growth down? We’ll just have to see how the rest of spring goes.
For a breakdown of the stats check out the table below…