Lowest April Sales Since Way Back In 2003

By: Thomas Cook

Lowest April Sales Since Way Back In 2003

Sales were down 43% for April compared to last year with 7,792 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since April 2003.

Condo townhouse and high-rise suites took a highest-ever for April 35.4% share of the market with 2,760 units being sold.

The April average sale price for all GTA homes came in at $804,584 – this was a big 12.4% decline from one year ago.  Considering that April 2017 was the top of last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $739,767), this year was still up 8% in that 2-year period. 

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 up just 3.2% but increased by a big 41% from last year at this time.

However, this is occurring selectively with the ‘central core’ Toronto neighbourhoods still doing very well while the outer regions (Peel, York & Durham) are not seeing the same level of activity.

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 42.8% compared to an insane 89% last year.  The GTA is now into a moderate seller market territory so sellers may need to adjust their expectations if they want to make a move.

The days-on-market average for Toronto homes was 20 days, the same as in March. 

Here’s a summary of the significant real estate milestones for Toronto in April 2018… influenced in a big way due to the new mortgage stress test requirements, the modest increase in mortgage rates and lower sales of higher priced luxury homes across the GTA.

Watch the video to get the complete April 2018 Market Report details.

Here's the complete text version of the April 2018 Toronto Real Estate Market Report to read.

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