Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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New Highs Reached in April 2015 Toronto Market

May 5, 2015 - Updated: May 5, 2015

 

April 2015: New Highs in the Toronto Market

 

You will be interested to see the report from the Toronto Real Estate Board for April. Here’s a copy of “Marketwatch”:

 

Record Sales in April 2015

 

TORONTO, May 5, 2015 – Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.

 

“The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality, long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First-time buyers and existing homeowners remain very active in today’s market,” said Mr. Etherington.

 

The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 per cent year-over-year to $635,932. The MLS® Home Price Index (HPI) Composite Benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4 per cent over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.

 

Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.

 

“Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Director of Market Analysis.

 

 

It is worthwhile to have a look at the trends in prices:

 

Average Sale Prices for Single Family Homes

2014

January                $526,965

February              $552,859

March                   $557,982

April                    $578,354

May                      $584,946

June                      $569,174

July                      $550,685

August                 $546,511

September            $574,447

October                $587,906

November            $577,502

December             $556,209

 

2015

January                $553,049

February              $596,632

March                   $613,865

April                    $635,932

 

 

Here is an interesting fact. In the first two weeks of March, TREB reported 497 sales with an average price of $1,099,239. This was 21.3% higher than the previous year!

 

For the entire month, there were 1,050 sales at an average price of $1,042,405 at a 15.9% increase over the previous year.

 

TREB now reports that the average price of a single family home in the 416 was $1,056,114 as of the end of April. So, that’s actually a decline. That may be due to the fact that there were more listings and more transactions, but it is a fact that is worth monitoring as the months go by. The question outstanding would be: was 15 March 2015 the peak of the market? We won’t know for several months!

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com

 


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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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