April of this year has shown an uprise in many areas of the market. The Toronto Real Estate Board President, Garry Bhaura, reported a substantial year-over-year increase in home sales in April 2019. Residential transactions rose 16.8% to 9,042 compared to 7,744 at the same time last year. Contrast to the previous month, sales were up 11.3% for April this year. This is positive news, as it likely represents a catchup from a slower start to the year.
Although annual growth rate was lower for new listings than that reported for sales, new listings increased year-over-year by 8%, suggesting tighter market conditions, pointing to an acceleration in price growth.
The average selling price jumped 1.9% to $820,148, representing the strongest annual rate of growth so far in 2019, and up 1.1% from the previous month.
According to BMO Capital Markets, “although the Canadian housing market slowed at the start of the year, the latest data suggest the downward momentum has stabilized and could even be picking up again. Underlying demand remains healthy amid solid demographic trends and a strong labour market. Starts are expected to hold above a still-elevated 200k-mark this year…i.e., builders won’t be packing away the hammers anytime soon.”
Generally, the year-over-year price was shown to have an upturn in April 2019, relative to the first quarter of the year. In conclusion, TREB’s sales outlook for 2019 anticipates a relative increase to 2018. If you have any questions about the market, don’t hesitate to reach out to our team!