April is typically one of the hottest month's for the Toronto real estate market, and this April did not disappoint! Both Toronto home sales and Toronto home prices increased in April 2014 when compared to April 2013. Toronto home sales increased from 9,535 in April 2013 to 9,706 in April 2014, which represented an increase of 1.8%. Average Toronto home prices increased from $524,868 in April 2013 all the way up to $577,898 in April 2014, an increase of more than 10%. Toronto home sales also increased from 9,946 in April 2013, up to 11,079 in April 2014, which represents an increase of more than 11% year over year. A good indication that buyers are still eager to purchase is that new listings in Toronto were actually down in April 2014, when compared to April 2013 by almost 1%. So, even with basically the same amount of new listings, buyers purchased 11% more homes this year than they did a year ago.
In the 416 area code, townhomes actually saw the greatest growth at 10.1% year over year. This was followed by detached homes, semis and condos. Even with all the negative condo talk and given that there is an abundance of condos in Toronto, condos in the 416 area code increased by 7.6% year over year and finished with an average price of $401,809.
Affordable mortgage rates continue to be one of the biggest factors in the hot Toronto real estate market. With 5 year fixed rates coming in at as low as 2.79% and 5 year variable rates as low as 2.30%, affordability is fairly easy to achieve, even with the increased home prices.
April 2014 vs. April 2013
Toronto Home Sales:
April 2014: 9,706
April 2013: 9,535
New Listings in Toronto:
April 2014: 17,351
April 2013: 18,160
Toronto Average Sale Price:
April 2014: $577,898
April 2013: $524,868
Days On Market:
April 2014: 20
April 2013: 23
