Greater Toronto Area Realtors reported a decrease of 32.1% in total sales in April compared to April 2017. The number of new listings on MLS were down by 24.6% last month compared to a year before.
The average selling price was $804,584 last month, down by 12.4% compared to April 2017. This decline was impacted by changes in market conditions as well as changes in the type and price point of homes being purchased, especially at the high-end detached homes market, selling over $2 million.
"While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation." said Tim Syrianos, President of TREB.
"The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth," said Jason Mercer, TREB’s Director of Market Analysis.
To view the May 3, 2018 report on the current markets from TREB, click here.