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Record Home Sales in April
Annual sales growth was experienced for all major home types except semi-detached houses in the Toronto Real Estate Board market area as a whole. There were 12,085 sales reported through TREB’s MLS System in April 2016 – this represented a record for the month of April. In comparison to April 2015, we are up by 7.4 per cent. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the ‘416’ area code was due to a lack of low-rise listings, potential buyers were not able to find a home that met their needs.
“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefited from more supply. 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,” said TREB President Mark McLean.
Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.
“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. 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,” said Jason Mercer, TREB’s Director of Market Analysis.