TORONTO, May 5, 2015 – The Average Selling Price in Toronto is now $635,932.00 up 10% of April 2014
The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10 % 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 % 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.
11,303 sales were reported in April 2015. This was the highest sales result on record for the month of April and represented a 17 % increase over April 2014. New listings were up over five % the same period. 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.