Toronto Breaks All Sales Records Month of April 2016-Diane Plant

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Real Estate Agent with Forest Hill Real Estate Inc, Brokerage

Toronto just broke a record in April.

There were a reported 12,085 home sales in Toronto last month, according to the Toronto real estate board, who argues that figure could have been even higher had there been more supply.

“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply,” Toronto Real Estate Board President Mark McLean said. “In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. 

“The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth.”

Sales increased 7.4% year-over-year in April, according to TREB, which set a monthly sales record.

“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,” Jason Mercer, TREB’s Director of Market Analysis, said. “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.”

The lack of supply is likely one reason prices continue to sky-rocket as well.

The average price in the City of Toronto increased from $690,058 to $766,472 over the past year.

Prices in the GTA also saw an increase, settling in at an average of $739,082 – up from $636,094 a year ago.

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Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
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Overseas money is one of the contributing factor for the boom. Canada did not really have a mortgage crisis like its neighbor.  Lenders were much more selective in approving mortgages.  This deamand must be due to the economy....

May 05, 2016 12:02 AM #1
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Thanks for a well written and easy to follow post about the record breaking real estate sales activity in Toronto Diane Plant !

I look forward to reading more insightful posts by you in the future - and noticed that we weren't currently "following" you - so fixing that now! CLICK!!

May 06, 2016 08:07 AM #2
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Rainmaker
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Diane Plant

Broker, TorontoHomeSearch: Forest Hill Real Estate
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