The spring market started off on a strong note in the Greater Toronto
Area, with a 10.8 per cent year-over-year sales increase reported by
Greater Toronto REALTORS® during the first two weeks of April.
The robust increase in sales speaks to the fact that home ownership remains
affordable in the GTA. The majority of home buyers purchase a home using a
mortgage. A household earning the average income in the GTA can
comfortably afford a mortgage on an average priced home.
While the persistent listings shortage in the GTA, coupled with strong demand,
has led to a brisk pace of price growth, very low advertised mortgage rates
have gone a long way to mitigating the effect of upward trending home prices.
The average selling price for April mid-month sales was $583,697.00
representing an annual increase of 11 per cent. This increase was due
to both tight market conditions and a change in the mix of homes sold.
The overall average price increase was driven by single-detached, semi-detached
and townhouse sales in the City of Toronto. There was a substantial increase in
higher-end home sales this year compared to last.
In summary, the market is strong, and it is a great time to buy if you are
planning on upgrading. Keep in mind, if you find a property that’s love at
first sight, don’t hesitate much as it will likely be gone very quickly!