Home sales in the Greater Toronto Area (GTA) were up 1.8 per cent through the month of April, totaling 9,706 transactions through the TorontoMLS system.
TORONTO
Home sales in the Greater Toronto Area (GTA) were up 1.8 per cent through the month of April, totaling 9,706 transactions through the TorontoMLS system.
“April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year. Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs,” said Toronto Real Estate Board (TREB) president Dianne usher.
“A number of factors underlie the constrained supply of listings. Studies and polling suggest that the additional upfront land transfer tax in the City of Toronto has prompted some households to stay put and renovate rather than list their home and move. In the broader GTA context, above-trend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again.”
The average selling price for a home in the GTA reached $577,898, a 10.1 per cent jump from the same time last year.
Also, the average price for a detached home in the City of Toronto shot up 13.2 per cent to $965,670.
“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. 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,” said TREB senior manager of market analysis Jason Mercer.
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