Toronto home sales rose 17% in April from the year before, carving out a new record of hot sales for one of the hottest months of the year in real estate.
At the same time, new listings rose just five per cent over the same period, which will likely push prices even higher in Toronto’s booming market, said the Toronto Real Estate Board on Tuesday.
The board reported 11,303 sales in April, a record for the month, with the average selling price of homes sold by GTA realtors up 10 per cent to $635,932.
Price gains were highest for low-rise homes, but even the better supplied condominium market saw healthy growth with gains above the rate of inflation, the board said.
Jason Mercer, TREB’s director of market analysis, said demand for homes far outpaced supply in April, a situation the board does not expect to change this year.
“Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” he said.