Photo: Michael Gil/Flickr
In the first two weeks of April, the average sale price for an existing home in the GTA increased 7 per cent, year-over-year, to $625,121. According to the Toronto Real Estate Board (TREB), average prices were up for all major home types, both in the 416 and the surrounding suburbs.
Detached house prices in the City of Toronto first reached an average of $1 million in February and have remained above the milestone since: the average sale price of the 566 existing detached houses sold in the city was $1,057,687 in the first two weeks of the month.
Altogether, the board recorded 4,635 home sales in the first half of the month, a 3.4 per cent increase over the same time last year. Year-over-year, new listings declined by 4.6 per cent.
“On one hand, strong growth in condo listings has been met with strong growth in condo sales. On the other hand, we have also experienced growth in higher-end home sales,” said Jason Mercer, TREB’s Director of Market Analysis, in the news release.
That assessment is in line with a recent forecast from Sotheby’s International Realty Canada, which predicted Toronto would lead the country in million dollar home sales this spring.
“In many neighbourhoods, listings remain scarce, particularly for ground-oriented home types like singles, semis and towns. Given the amount of pent-up demand in the market today, sales growth would accelerate further if more homes were listed for sale,” said TREB President Paul Etherington.