In the Greater Toronto Area last month 12,085 homes changed hands, the highest number of transactions recorded through the Toronto Real Estate Board’s multiple listing service in the month of April.
The sales represent a 7.4 per cent increase over the level of activity recorded during the same month in 2015, and gains were spread out across a variety of housing types.
“Demand remained strong for all types of ownership housing,” says Mark McLean, TREB’s president, in a statement.
Sales of detached homes were up 7.2 per cent compared to last April, while townhouse sales rose 3.1 per cent and condo transactions surged 15 per cent.
Semi-detached sales inched 2.1 per cent lower, but they were pulled down by a 10.8 per cent drop in activity in the 416.
Throughout the rest of the GTA, where available housing inventory is more abundant, semi-detached transactions ticked up 2.8 per cent.
In April, the average selling price of a home was $739,082, up 16.2 per cent from 12 months earlier, when it was $636,094.
Jason Mercer, TREB’s market analysis director, expects prices to continue to climb this season.
“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher,” says Mercer in a statement.
The average price of a detached home in Toronto proper last month was $1,257,958, which is 18.9 per cent higher than it was one year ago.
In the rest of the GTA, a detached home ran buyers $881,413 on average last month.
Toronto condo apartments cost an average of $436,545 in April, up 7 per cent from the same time in 2015. Over that same period in the rest of the GTA, the price climbed 7.8 per cent to $343,439.
There were 6,155 new Toronto listings added to TREB’s MLS in April, down from the 7,144 added during that period last year.
Meantime, the rest of the GTA saw 10,097 properties listed, shy of the 10,894 added to the MLS last April.
“A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” Mercer concludes.