For the first time this year, sales were up for April compared to last year with 9,042 houses and condominiums changing hands in all the districts. Although higher than 2018, these numbers are similar to what we saw 6+ years ago.
Condo townhouse and high-rise suites took a typical 33.5% share of the market with 3,028 units being sold.
The April average sale price for all GTA homes came in at $820,148– up a very slight 1.9% from one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of April compared to historical numbers was basically FLAT compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In April, that ratio finished at 50.1% - about 8% above last year. The GTA overall has moved slightly more into moderate seller market territory so buyers and sellers may need to adjust their pricing expectations if they want to make a move.
The days-on-market average for GTA / Toronto homes was 19 days, 2 days faster than March.
Here’s a snapshot summary of the significant real estate milestones for Toronto in April 2019… sales and average sale prices up slightly compared to 2018.
- April sales up 16.8% compared to last year (9,042)
- The ratio of sales-to-listings rose slightly to 50.1% in April – Finally the spring market is here
- The average sale price came in at $820,148– just barely positive compared to last year (up 1.9%)
- Note that this overall market average was 10.7% lower than 2 years ago in April 2017
- The GTA real estate market overall averaged the days-on-market at 19 – one day slower than last year
- Detached home sales in April 2019 with a purchase price over $2,000,000 were up 13.6% (217 houses) while condo apartment sales over $2M were up 28% (23 suites)
- The CONDO share of the market dropped slightly to 33.5% during the month
- Downtown condo active listing numbers were up by 19% in C01 and up in C08 by 24% from last year at this time
- April condo sales were down 9.2% in C01 and lower by 1.2% in C08 compared to 2018
- The downtown condo days-on-market average was 16-17 days – 2-3 days faster than the overall market
- The ratio of sales-to-listings for condos downtown were closely matched in C01 (66.6%) and in C08 (71.4%) but still higher than in the overall market.
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 4.7 to 5.9% year-over-year… slower than at any time in 2018 but still loads above the whole board average.
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – all York Region communities are continuing to show that they’re in serious ‘buyer market’ territory
- Expect sales and inventory to pick up more as we progress through the spring market in May through June where listings and buyers are most active - buyers should watch for more pricing opportunities to get the condo or house of their dreams.
Watch the video to get the complete April 2019 Market Report details.
Here's the complete text version of the April 2019 Toronto Real Estate Market Report to read.
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