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Real Estate Market Trends - April TREB Report

Written by Posted On Wednesday, 15 May 2019 10:48

The Toronto Real Estate Board (TREB) recently revealed some numbers that caught Torontonians by surprise. The board shared that home sales within The Greater Toronto Area have enjoyed a 16.8% increase from April 2018. That is a total of 9,042 transactions that took place exclusively during the month, representing a staggering 11.3% increase from March. This is the highest jump of home sales experienced so far this year. 

After suffering from the nationally-mandated stress test sanctioned in 2018, it looks like the real estate market is starting to absorb these changes. This stress test has slowed the buyer purchasing process, while also reducing what they are deemed capable of affording. Though sales still remain below the April level for much of the last decade, many are hopeful that sales will continue to increase as the summer months draw near. 

Drawbacks Within the Market

As home sales increase within the GTA, naturally there have been subsequent price increases. The average home price jump has been relatively modest though, rising by only 1.9% to $820,148. However, it is reported that the addition of new MLS listings in Toronto and the surrounding region hasn’t kept up with the rising increase in home sales. This has prompted TREB to warn of potentially heating market conditions as the overall sales-to-new-listings ratio reaches 52%. This remains within a balanced state, but still represents a 5% increase from last year.

Attractive Areas in TREB

Although there are some drawbacks when looking at the entire TREB housing market, some of the individual markets within TREB are quite attractive. For example, despite the general trend of increasing home prices, there are some locations showing decreased prices since April 2018. Pickering, Richmond Hill, and Oakville real estate prices have declined since April of last year. For those interested in such areas, now is a good time to schedule those home tours! 

As well, some locations offer comparatively cheaper real estate, while still being an easy commute to Toronto. For example, Mississauga real estate is sold for an average of price of $767,283, while Burlington real estate is sold for an average price of $792,690. This is much more affordable than the average Toronto home priced at $903,992. 

It will be interesting to track real estate trends as the summer months draw near. Check out Zoocasa’s infographic above to learn more about changes in the market, and stay tuned for May’s real estate report!

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