According to new stats released by the Toronto Real Estate Board (TREB), sales have dropped slightly since the same time last year, but prices have held steady, or in the case of condos in the 416, seen a sizeable bump.
In April 2013, TREB counted 9,811 sales throughout the GTA, a 2 per cent drop from 10,021 transactions the same time last year. The average selling price for April 2013 was $526,335 – up by two per cent from April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent.
For Toronto-proper, prices were up regardless of property type. Condos in the city led growth, their prices rising to $379,266 for a 5.6 per cent boost since the year before. Detached houses followed with a 2.5 per cent increase since April 2012, rising to an average price of $852,090.
Sales of condos did dwindle slightly. They were down by 1.3 per cent in the 416 since April 2012. However, they saw the lowest drop in sales compared to other property types such as detached homes, which saw sales fall by 11.8 per cent year-over-year.
“The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.
However, condos didn’t fare as well in the 905 where sales dropped by 7.3 per cent and prices dropped by 5.9 per cent to $273,832. Semi-detached properties, however, were up by 2.2 per cent year-over-year to $410,739 in the suburbs and sales were up by 1.3 per cent.
Listings were up compared to April 2012. Across the GTA, the number of properties on the market rose from 16,470 to 18,270 for a 10.9 per cent increase.
For more details check out the tables below…