The Spring market is officially underway, and it has led to a busy April for Toronto area Realtors. Following a flat first quarter, the Toronto Real Estate Board (TREB) has released the housing figures for April, and with 9,042 sales reported, there was a 16.8% increase in sales volume over the same period last year. This likely reflects some degree of pent-up demand, given the rough weather conditions experienced throughout the early months of 2019.
The average sales price of all transactions rose to $820,148, representing a year-over-year gain of 1.9%. While new listings rose 8.0% year-over-year to 17,205, this figure is much lower than the growth in sales activity, representing a further tightening of housing supply in the GTA. You can expect upward pressure on prices as buyers compete for limited housing stock.