Image: VV Nincic / Flickr
Despite a significant 33.6 per cent upswing in the number of new home listings on the market last month, GTA home prices continued to soar at unprecedented rates.
April saw the average price of all home types (both condo apartments and single-family freehold residences) collectively climb 24.5 per cent, or $181,029, in just a 12-month period.
The boost in new listing, which boded well for buyers who had more choice while on the house hunt in April, is an interesting development given the chronic lack of new supply over the past several months.
Whether the implementation of Ontario’s Fair Housing Plan, the province’s 16-point agenda to address the region’s red-hot housing market, played a role in encouraging more owners to sell remains to be seen as more time needs to pass before making any judgement.
“The fact that we experienced extremely strong growth in new listings in April means that buyers benefitted from considerably more choice in the marketplace,” said Larry Cerqua, president of the Toronto Real Estate Board (TREB).
In a sign that many homeowners are looking to cash out of the record-hot freehold market, the majority of new properties to come up for sale last month were detached, semi and townhome properties. It’s easy to see why many in the Toronto area are eager to capitalize on the rapid pace of price appreciation. Since 2012, GTA detached home prices have climbed 85 per cent from $650,147 to $1,205,262.
The number of new condo listings actually saw a minor three per cent drop from last year, a signal supply in the condo market remained steady and may begin to further tighten.
On the price front, double digit hikes was a prevailing trend among both houses and condos across Toronto and the surrounding suburban 905.
GTA Home Prices – April 2017
To find out how home prices fared in your neighbourhood, type out your area and home type in the comments section below and we’ll provide you with the numbers.*
Average days on market, which is a measure of how many days properties take to sell, plummeted 40 per cent in April year-over-year to a lightening fast nine days.
Overall, sales did see a minor 3.2 per cent dip from the 12,016 transactions experienced the same time last year. The fact Easter Sunday fell in April this year rather than March like in 2016 had an unexpected influence however, as TREB stated there were fewer working days last months and “historically, most sales are entered into TREB’s MLS® System on working days.”
Want to get started on your home buying and selling journey? Give us a call at 416.800.0812 and check out TheRedPin’s listings page
*Based on overall neighbourhood prices – not equivalent to a home evaluation.