April, 2016: Toronto & GTA MLS® home sales: Another record, but...

May 4, 2016 - The Toronto Real Estate Board released it's April, 2016 MLS® home sales statistics today confirming another record month with 12,085 homes changing hands, a 7.4% increase compared to April, 2015. All figures Chart - Toronto & GTA Home Sales & Average Price by Major Home Type 2016-04 are year-over-year comparisons unless otherwise noted.

In a market already constrained from a supply standpoint, one of the most telling statistics in the report is the Total Active Listings figure, down a stunning 26.9% to 12,554 homes for sale. With those 12,085 sales on the month, this gives us an "indicated forward inventory" of just over one month.

Not surprisingly, the Average Days on Market ["DOM"] for a home to sell was 15, or "16.7% faster" than last April's 18 days.

It's also interesting to note that the number of sales of Detached, Semi-Detached, and Freehold Townhomes all fell within Metro Toronto [-4.0%; -10.8%; and -2.0% respectively]. Given that price growth remained strong across the board, however, this is more likely a function of the supply constraints as opposed to cooling demand. Multiple offers and "bidding wars" have almost become the "norm" for many home types, even occurring for rural properties in some instances. Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2016-04.png

According to Jason Mercer, TREB’s Director of Market Analysis, “Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well."

Looking at some specific numbers, that Detached group in the 416 area code dropped to 1,401 units sold, but it's average sale price rose 18.9% to $1,257,958. In the balance of TREB's market area, "the 905", 4,661 Detached homes sold, up 11.2% versus last April - perhaps because, compared to Metro Toronto, the average selling price is a relative bargain at $881,413 - a rise of 20.7%. Chart - Toronto & GTA Home Sales Historic Annual Stats to 2016-04.png

Condo Apartment sales were also strong, though their price gains were somewhat muted versus Freehold homes. In Metro Toronto, 1,997 units sold, up 17.4%, at an average sale price of $436,545, up 7.0%. In the balance of the GTA, 812 Condo Apartments changed hands, up 9.4%, at ann average price of $343,439, up 7.8%.

Overall, for the entire Toronto Real Estate Board area and all home types, those 12,085 sales noted above averaged $739,082 - a hefty 16.2% rise year-over-year.

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