TORONTO, May 6, 2014 — Toronto Real estate Board President Dianne Usher commented that during April the 1st full month of spring Greater Toronto REALTORS reported a 1.8 per cent year-over-year increase in sales through the TorontoMLS system. Total April 2014 sales amounted to 9,706, compared with 9,535 transactions in April 2013.
“April marked the start of the spring market, during which time we typically see the highest monthly sales totals in a specified year. However, sales levels would have been higher , but for the absence of supply,” said Ms. Despite the obstinate shortage of lists, an important number of GTA residents managed to come to terms on a home that met their requirements. Usher.
“A number of factors underlie the constricted supply of lists. Usher. In the wider 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,” continued Ms. The MLS Home Price Index ( HPI ) Composite Benchmark was up by 7 percent year-over-year.
The average selling price for April 2014 sales was $577,898 up by 10.1 per cent compared against the April 2013 average of $524,868. The MLS HPI strips away price fluctuations springing from a change in the mixture of home types sold from one period to the subsequent.
“Price growth for the GTA in total was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year, there’s been no relief on the listings front for these home types in numerous neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the yearly rate of price growth above the long term norm,” said Jason Mercer, the Toronto Real estate Board’s Senior Chief of Market Analysis.