GTA Monthly Resale Housing Figures Released
Thinking of investing in the GTA?
Marketwire has just released their April 2015 monthly resale numbers as reported by the Greater Toronto Real Estate Board. A total of 11,303 sales were reported for the month, up 17 percent from April 2014 with new listings up over the same period by only 5 percent.
The overall selling price was up 10 per cent to $635,932 and was strongest for low-rise home types, followed by a healthy condominum apartment segment bolstered by price growth above the rate of inflation. The MLS® Home Price Index (HPI) composite was up by only 8.4 percent for for same period.
Was does this mean for the GTA market? Simply put, it means that a greater share of higher-end homes changed hands in 2015 over 2014. Demand was ownership housing was high relative to the inventory available for sale, a situation that is forecast to stay stable for the remainder of the year.
When asked about the results, Real Estate Board President Paul Etherington had this to share: “The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First-time buyers and existing homeowners remain very active in today’s market.”
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