May 5, 2015. Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate five per cent.
Mr. Etherington said that the record April result clearly pointed to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment. First-time buyers and existing homeowners remain very active in today’s market.
The overall average selling price was up by 10 per cent 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 per cent 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.
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.
Housing market getting hot throughout Durham Region
Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,315 residential transactions in April 2015. This is an increase of 16.4 per cent from 1,130 in April of last year. In addition to a greater number of sales, there are also more homes listed. Durham saw 1,816 new listings enter the market in April 2015 compared to 1,709 in April 2014.
The average selling price in the Durham Region reached $440,151 last month, a 12.5 per cent increase compared to $391,351 in the same period last year. “Buyers are still seeing the value of home ownership,” explained O’Donohue, “ and low interest rates continue to be a factor in determining affordability”.
Homes in Durham are selling in an average of 15 days. “Homes are being listed for more than they were last year and are selling an average of 2 days sooner” reported O’Donohue.
“The housing market continues to gain momentum and we expect this trend to continue into the later months of summer,” stated O’Donohue. “We are seeing evidence of the importance of home ownership and the benefit of investing in the Durham Region”.
If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.
Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with both – the buying and selling process.