GTA Real Estate Update for April 2017

11 May 2017
Life and the City

Here’s a summary of the significant real estate milestones for April 2017…

* 2nd best ever number of overall sales for the month of April (11,630)
* The ratio of sales-to-listings moderated from March down to 90% for the market overall but still extremely busy – one of the main reasons was a 45% increase of active listings during the month
* Highest ever average sale price ($920,791)
* Most downtown condo sales ever for the month of April in C01 (599) and in C08 (209) but were down 5-10% from March 2017
* 24.5% average sale price increase from April 2016
* Sales in the month were up 17.7% from one year ago
* The GTA realtate market overall posted the lowest days-on-market ever at 9
* First-time buyer aspirations now shifting to a condominium lifestyle – I’m predicting a much higher demand for 1 + den and 2-bedroom suites to accommodate small families. This is borne out by the most number of high-rise suites and townhouses being sold in any April (3,768)
* Condo listings were up from March but lower by 53% from one year ago
* Ultra-low days-on-market average (9-12)
* Highest ever downtown condo high-rise average sale price ($598,000)
* Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 27% year-over-year and the condo days-on-market number was about half of one year ago
* DID YOU KNOW… Toronto condominium high-rise suites are priced at 52% of the cost of an average semi-detached and 37% of a detached house.

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Take a look at the infographics below to discover overall market stats, as well as stats for districts throughout the GTA, and watch the video at the bottom of this post for even more insight. This interactive map identifies the area that each district covers. Feel free to reach out to us if you have any questions regarding these stats, or if you want to learn more about current stats in your own neighbourhood!

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All Districts

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Downtown Condos

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North-Central Districts

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South-Central Districts

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East Districts

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York Districts

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Watch the video below for RE/MAX Hallmark's April 2017 Market Report: