Average Toronto house price jumped to $921K in April despite spike in listings
Number of sales dipped as average home price rose by 24.5% compared to April 2016
There were 33.6 per cent more sales listings for Toronto homes in April compared to the same month a year ago, but the cost of the average home rose to nearly $921,000, according to new figures.
Sales last month, however, edged down by 3.2 per cent year over year, according to the Toronto Real Estate Board (TREB) data released Wednesday.
Most of the new supply came in the form of homes, while the number of condominiums on the market stayed the same.
TREB says the upswing in listings could help address some of the real estate concerns in the Greater Golden Horseshoe (GGH).
"It was encouraging to see a very strong year-over-year increase in new listings," said Jason Mercer, director of market analysis. "If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions."
Prices keep climbing
The average price for all types of homes combined sat just shy of $1 million, at $920,791, last month.
That's a jump of 24.5 per cent compared to last April, and TREB predicts home prices won't decline.
"Expect annual rates of price growth to remain well above the rate of inflation as we move through the spring and summer months," Mercer explained in the report.
Not entirely expected, but fitting given the creation of the Ontario Fair Housing Plan last month, TREB released its own numbers on foreign investors and speculation.
Between 2008 and April 2017, foreign buyers in the GGH amounted to an average of 2.3 per cent.
Although the board said it's encouraging "all levels of government, including the province of Ontario, are making the state of the housing market a priority," it also said decisions regarding the market should be based on empirical data.
More stock, still lots of offers
Many real estate agents have been feeling a cooling effect on the market, even before TREB's latest figures were released.
"There's a lot more stock," said real estate agent Danyelle Boily. "Once the flowers come out, a lot more listings come out ... so there's not a zillion offers on offer night."
But agents say it will take a few months to tell whether this change in the market is a yearly trend or due to a combination of other factors.
"One hundred per cent it's cooling off," said John Pasalis, president of Realosophy. "No one knows for sure why."