April 19, 2016 – Greater Toronto Area REALTORS® reported 5,537 sales through TREB’s MLS® System during the first 14 days of April 2016. This result represented more than a 20 per cent increase compared to 4,604 sales reported for April 2015.
Double-digit annual rates of sales growth were common for many market segments, both in the City of Toronto and the surrounding regions making up the balance of the TREB market area. A notable exception was for sales of semi-detached homes in the ‘416’ area code, where sales were down compared to last year. This was likely due to a lack of listings rather than a lack of demand.
The average selling price for the first two weeks of April 2016 was $730,330, which represented a year over-year increase of 16.9 per cent compared to an average price of $624,821 reported for the same time period in 2015. Annual rates of price growth were stronger for low-rise home types, both in the City of Toronto and the surrounding regions. This reflects the tighter market conditions for these home types compared to those for condominium apartments.
It is important to remember that average price growth can result from both changes in market conditions and changes in the mix of home types sold from one year to the next. In contrast, MLS® Home Price Index (HPI) benchmark prices reflect price changes attributable to market conditions. MLS® HPI statistics are released monthly in TREB’s Market Watch publication.
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Irene Owchar is a Mississauga Realtor: "I grew up in Missy, lovin' raising my kids and working in this beautiful City."
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