The Toronto Real Estate Board numbers are in for April 2016, and (no surprise!) demand for homes in the Toronto area is still very strong. The number of sales has increased 15.8% per cent for Q1 2016 over Q1 2015, and they’re up 7.4% for April 2016 when compared to April 2015. These increases in the number of sales happened despite a decrease in the number of listings available for both periods as compared to 2015.
Despite the increase in the number of sales for the GTA, the ‘416’ area code has a decrease in detached, semi-detached, and townhome sales. Why? The lack of ‘low-rise’ listings has constrained the market. Because of the lack of listings, ‘home price increases in Canada’s largest city are now spilling into the suburbs and even distant municipalities like Guelph and Waterloo’, according to the Financial Post (Toronto Catching Up To Vancouver…, Gary Marr, May 4). This lack of supply translates into higher prices, which increased 12.6% per cent year-over-year.
"As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced," said Jason Mercer, TREB's Director of Market Analysis.
As a seller, this would seem to be an unequivocally good market: if you’re planning to sell your home, you’re in luck! However, one of the factors keeping supply down is the fact that sellers are often loath to list their homes for fear of selling without finding anything to buy. The buyers who benefit most from the pattern we’ve seen are twofold: downsizers who are selling a home in the most desirable category (single family detached or semi-detached) and buying a condominium where prices have also risen but not as fast or as far, or first time buyers who have a significant down payment and no home to worry about selling.

Post CommentComments: 0Read Full Story
Categories: 111 Glen Road | 166 Douglas Drive | 188 Hudson Drive | 2 Orchard Green | 2 Roxborough #402 | 2 Roxborough Street East | 2014 to 2015 | 28 St Andrews Gardens | 314 Palmerston | 314 Palmerston Blvd | 51 Roxborough Drive | 85 Binscarth Road | 9 Jackes Ave | American Graffiti | April market report | Bennington Heights | Best time to list | Chic and stylish renovation | Collingwood Chalet | Coming Soon | Contemporary Luxury Real Estate | contemporary luxury real estate Toronto | Downsizing Tips | Exclusive Listing | Exclusive Rosedale Listings | Fall Market | February Market Report Toronto | Front Pad Parking in Toronto | Glengrove Ave | Globe and Mail Home of the Week | Green Home - Electrical | Heli-skiing, Cat-skiing, epic champagne powder | Home of the week | Homes and Cottages Magazine | Hot Toronto Condo | June Market Report | Just Listed | Lawrence Park South, Toronto C04 Real Estate | Listed by The Thompson Team | Location location location | March Market Report Toronto | Media and Toronto Real Estate | Modern Magazine | Moratorium on Parking | National Post | New Condo Listings | New Listing | New Listings vs Sales Price | New Mortgage Rules | Nice-Martin Magazine | Objekt Magazine | Objekt Magazine features 21 Buckingham | October Sales Increase 21% | Pied-a-Terre in Rosedale! | Post City Dream Home | Real Estate obsessed | Renovation Party | Revelstoke British Columbia | Revelstoke chalet for sale | Rosedale real estate | Rosedale-Moore Park, Toronto C09 Real Estate | Schools and Toronto Real Estate | September 2016 real estate numbers | Sold over ask | South facing Toronto lot | Sport Court | Spring 2016 Market | Spring Cl;eaning | Stunning Art Lovers Condo | Stunning Condo | Summerhill Condo For Sale | The Backyard | Thompson Team listing | Toronto April Market Report | Toronto Community Events | Toronto Economy | Toronto Events | Toronto Events June | Toronto events March | Toronto Events March April May | Toronto Events May | Toronto in International Media | Toronto Livable City | Toronto Luxury Real Estate | Toronto March Market | Toronto Market Report | Toronto Pan Am Games | Toronto Prices 5 years ago | Toronto real estate | Toronto Real Estate - Schools | Toronto Real Estate 2015 | Toronto Real Estate Market | Toronto Real Estate Market Report | Toronto Real Estate new listing increase | Toronto Real Estate Prices | Toronto Real Estate Stats | Toronto Residential Architecture | Toronto Schools - Public Vs Private | Toronto Spring Market | Toronto Summer Bliss | Toronto Waterfront | Torontos Workplace | Waterfront Building lot close to Toronto | Wolf House