TORONTO, April 17, 2014 -- Toronto Real Estate Board President Dianne Usher announced that the spring market started off on a powerful note in the Greater Toronto Area, with a 10.8 percent year-over-year sales increase reported by Greater Toronto REALTORS during the first fourteen days of April. Sales through the TorontoMLS system over this period amounted to 4,541 units.
"The strong rise in sales talks to the indisputable fact that home possession remains affordable in the GTA. The bulk of house purchasers get a home using a home loan. Usher.
"While the insistent lists shortage in the GTA, coupled with strong demand, has led on to a brisk pace of price expansion, really low advertised mortgage rates have gone a long way to lessening the effect of upward trending home prices," continued Ms. Usher. This increase was due to both tight market conditions and a change in the mix of houses sold.
The average selling price for April mid-month sales was $583,697, representing a yearly increase of 11 %. At month-end, the MLS HPI baseline price will supply more insight into price growth attributable only to the change in market conditions.
"The overall average pricetag increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto. There was an important increase in higher-end home sales this year compared to last," related Jason Mercer, TREB's Senior Chief of Market Analysis.
"This time last year, many would-be house buyers and sellers were still on the sidelines thanks to changes in Fed mortgage lending guidelines, including those suggestion changes that removed the executive guarantee on mortgage insurance on home sales over one million dollars. Nonetheless many of these homes have afterwards changed to the lending guideline changes and have recently purchased a home," continued Mercer.
"The strong rise in sales talks to the indisputable fact that home possession remains affordable in the GTA. The bulk of house purchasers get a home using a home loan. Usher.
"While the insistent lists shortage in the GTA, coupled with strong demand, has led on to a brisk pace of price expansion, really low advertised mortgage rates have gone a long way to lessening the effect of upward trending home prices," continued Ms. Usher. This increase was due to both tight market conditions and a change in the mix of houses sold.
The average selling price for April mid-month sales was $583,697, representing a yearly increase of 11 %. At month-end, the MLS HPI baseline price will supply more insight into price growth attributable only to the change in market conditions.
"The overall average pricetag increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto. There was an important increase in higher-end home sales this year compared to last," related Jason Mercer, TREB's Senior Chief of Market Analysis.
"This time last year, many would-be house buyers and sellers were still on the sidelines thanks to changes in Fed mortgage lending guidelines, including those suggestion changes that removed the executive guarantee on mortgage insurance on home sales over one million dollars. Nonetheless many of these homes have afterwards changed to the lending guideline changes and have recently purchased a home," continued Mercer.
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