Toronto Real Estate Board (TREB) President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019, with the number of residential transactions jumping by 16.8 percent compared to April 2018 sales. New listings were also up by 8 percent, year-over-year.
“The strong year-over-year growth in sales is obviously a good news story and likely represents some catchup from a slow start to the year. TREB’s sales outlook for 2019 anticipates an increase relative to 2018. It should be noted, however, that growth in new listings is not keeping pace with sales. This points to the ongoing housing supply issue in the GTA. In this regard TREB welcomes the provincial government’s Housing Supply Action Plan announced last week to reduce red tape and improve the mix of housing types. TREB provided input on the Plan through submissions and participation on working groups,” said Mr. Bhaura.
The average selling price was up by 1.9 percent to $820,148, representing the strongest annual rate of growth so far in 2019.
Price growth continued to be driven by the condominium apartment segment and higher-density low-rise segments, while the average price for detached houses dipped year-over-year, specifically in regions surrounding the City of Toronto.
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