Photo: Diana Parkhouse/Flickr
The average sale price of a detached home in the City of Toronto soared to $965,670 in April, an increase of 13.2 per cent over April 2013.
The significant jump was attributed to a persistent shortage of listings that has left the Toronto housing market consistently unable to meet demand for some housing types.
Detached was not the only housing type to see a large increase in average sale price, according to the Toronto Real Estate Board (TREB), which released its monthly figures for April on Tuesday.
The average sale price for semi-detached homes in Toronto rose 18 per cent year-over-year to $702,332 while townhouses saw a 14.7 per cent spike in sale price, hitting $498,083.
“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “So far this year, there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions.”
Mercer’s message was simple: until the housing market can continually offer more homes for sale to meet demand, Toronto will continue to see higher than usual average price growth.
In the 905, detached homes and townhouses saw the largest increases in average sale price as both increased 9.6 per cent over April 2013. Interestingly, the average sale price of an existing condo in the 905 saw a much larger increase than its City of Toronto (416) counterpart, climbing 8.1 per cent year-over-year to $296,078. The average sale price of a condo in the City of Toronto rose 1.8 per cent to $384,758.
On the sales side, April saw a 1.8 per cent year-over-year increase in home sales across the GTA. There were 9,706 home sales in April 2014, up from 9,535 sales in April 2013.
“April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year,” said TREB President Dianne Usher in the report.
Detached homes in the City of Toronto and condos in the 905 saw the largest increases in sales in April.