April 2018 GTA Market Update

...

The average sale price across the GTA came in at $804,584 last month in April, which was down 12.4% compared to the same time last year but 8.8% higher than it was two years ago. It should be noted that this number, along with all the stats we highlight here, refers to activity in all regions accross the GTA and not the Toronto core alone.

Sales numbers were stronger in the 416, with the average sale price last month coming in at $865,817, and a 1.55% year-over-year increase in the House Price Index (HPI) for all property types. Toronto's detached homes sold for an average of $1,354,719 in April, while the GTA-wide detached home average came in at $1,030,103. 

Have a look at more notable stats for the GTA market in April - and what they mean - in our summary below.

...

Here is a summary of significant real estate milestones and notable stats for April 2018:  

  • Lowest April sales since 2003 (7,792 sales)
  • The ratio of sales-to-listings moved up to 42.8% in April – now in a moderate seller market territory
  • The average sale price came in at $804,584 – which was a negative 12.4% compared to April 2017 – partially because of more lower-priced condos and fewer luxury home sales
  • Note that this average was still 8.8% higher than 2 years ago in April 2016
  • Overall sales in the month were down 32% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 20 – a more normal level for this time of year
  • Detached home sales over $2M accounted for just 5.5% of the market this April compared to 10% in 2017
  • Again, it’s becoming clear that first-time buyer aspirations are now shifting to a condominium lifestyle – condo sales took a ‘highest ever’ 35.4% of the total market
  • Downtown condo active listing numbers were lower in C01 (by 16.5%) and down in C08 (by 9%) from last year at this time
  • The downtown condo days-on-market average was 12-15 days – significantly faster than the overall market
  • The ratio of sales-to-listings for condos downtown ranged between 87% in C01 to 90% in C08 indicating an extremely strong seller’s market… double the GTA overall.
  • The average sale price for downtown condominium suites is up by roughly $60,000 to from April 2017
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 10-11% year-over-year
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – York Region is now showing that they’re in ‘buyer market’ territory
  • As inventory increases through the spring, buyers should watch for more opportunities to get the condo or house of their dreams.

...

Watch this video to find out sales stats for specific areas across Toronto and the GTA:

...

Questions about the market, or want to know the current market value of your home, or what properties have been selling for recently in your neighbourhood? 

Get in touch with us! We're here to help!