GTA and Toronto Real Estate Statistics

GTA and Toronto Real Estate Statistics – Mid-Month April 2014

April 17, 2014 - The Toronto Real Estate Board today released the mid-month residential sales statistics for April which showed a continuation of the strong price growth which has resulted largely from persistently low levels of available inventory combined with strong demand and very low interest rates.

The Board reported 2,288 sales of detached homes for the April 1st to 14th period - an 11.7% increase compared to the same period last year. Detached sales in the City of Toronto were up 19.4% to 628; the balance of the GTA's 1,660 Detached sales represented a 9.1% rise.

Condo Apartment sales were also strong, though their average selling price in Toronto was flat year-over-year. The price rise in the rest of the GTA for Condo Apartments was a robust 9.4% resulting in an overall rise in average price of 1.6%. The overall number of units sold was 965, an 11.3% increase year-over-year.

It should be noted that one year ago the Federal government had just announced changes to mortgage lending rules which appeared to slow the market somewhat.

It should also be noted that some economists have warned yet again that the housing market has reached unsustainable levels. Scotiabank's Adrienne Warren, for example:

"Canada's long housing cycle is turning," says Adrienne. "Residential investment stalled last year as affordability constraints tempered home sales, and builders scaled back the number of new developments... The impact of a softening housing market will be felt broadly. The likelihood of smaller household wealth gains as house price growth slows - or adjusts lower - will reinforce a more cautious trend in consumer spending."

Still, the market chugs along. For now.

While TREB doesn't report "Total Active Listings" in the mid-month stats, total new listings were 8,456 which represents a drop of about 3.1% versus the same period one year ago [8,725].

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd to hear from you!

Browse GTA Bungalows by City / Region:

Browse "Beyond the GTA" Bungalows by City / Region: