April 2016 Market Review
April 2016 was another record setting month in Toronto real estate. TREB reported 12,085 sales for the month, up 7.4% over April 2015. Once again, new listings were down, from 18,038 last April to 16,252 this year, a drop of 9.9%. The decline in new listings, combined with the high pace of sales so far this year, caused the total number of available listings to drop from 17,182 last April to just 12,554 this year.
Obviously, competition among buyers is fierce, which drove up the average sale price by 16.2%. TREB’s HPI was up a slightly lower 12.6%, indicating that high-priced houses (e.g. large detached homes) are dragging up the average. Still, 12.6% is a significant increase.
I’m still tracking the condo segment – although the condo naysayers are much quieter these days. Condo sales in the 416 increased 17.4% last month, while the average price was up 7%. That’s much less than in the house market, which I say makes condos a decent alternative for first-time buyers. You don’t have to give up the dream of owning a house, but you may be wise to plan for a delay. Get into the market with a condo, start to build some equity, and leverage that into a house down the road. 😉
It’s a super-competitive market out there these days. You don’t need to be scared of it, but you certainly will benefit from professional help. Call me any time to talk about your real estate wants and needs, and how to go about fulfilling them.