Greater Toronto Realtors reported 7,792 residential sales through the Toronto MLS system in April 2018. The number of transactions in April represented a 32.1% decline compared to 11,468 transactions reported in April 2017, a record year.
For the region as a whole detached homes in the GTA experienced the largest sales decline at 38.4%.
The number of new listings reported in April 2018 was down by 24.6% compared to April 2017. The number of active listings reported in April 2018 was up by 40.8% compared to April 2017.
“While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” said Tom Syrianos, TREB’s President.
The average price in April was down by 12.4% from the same time last year to $804,584 due in large part to a smaller share of detached home over $2m versus last year. Condo apartments in the GTA led the way in terms of an average price increase at 3.2% compared to the same time last year.
“The comparison of this year’s sales and price figures to last year’s record peak makes the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 26.4% in April 2018. The average selling price of a Toronto condo (416 area code) increased by 3.8% in April 2018 from the same time last year to $601,211.
Condominium apartments accounted for 28.5% of total GTA sales in April while detached homes accounted for 44.3% of the total sales.
Other notable statistics include the average days on the market for April at 20 days, up from 9 days a year earlier. The sales-to-listings ratio for April 2018 was 43.5% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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