May 3, 2018 -- Toronto Real Estate Board President Tim Syrians announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB's MLS® System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 percent and the average selling price was down by 12.4 percent.
The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market. Detached home sales for $2 million or more accounted for 5.5 percent of total detached sales in April 2018, versus 10 percent in April 2017. The MLS® Home Price Index strips out the impact of changes in the mix of home sales from one year to the next. This is why the MLS® HPI Composite Benchmark was down by only 5.2 percent year-over-year versus 12.4 percent for the average price.
"While average selling prices have not climbed back to last year's record peak, April's price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labor market and continued population growth based on immigration should continue to underpin long-term home price appreciation," said Mr. Syrianos.
"The comparison of this year's sales and price figures to last year's record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth," said Jason Mercer, TREB's Director of Market Analysis.
Retrieved from Toronto Real Estate Board Report
High Park cherry blossoms expected to be in full bloom early this week
People from across the city are flocking to High Park, as cherry blossoms are expected to be in full bloom early this week.
With spring in full swing, thousands of visitors have dropped by the park — with thousands more expected — looking to bask in the rich, vibrant pink and white flowers.
The CN Tower's Birthday Party Is This Sunday And You're Invited
There is nobody else in the world that works as hard as she does, and we want to honor that!
Join on Saturday, May 12th us for a thoughtfully curated experience designed to deepen the connection you already have with your mom and give that lovely lady a little taste of all the things she knows she deserves and more. There will be a sound healing meditation, a fun photo experience and more!!!
There will also be refreshments and vegan delights for you and your mom to feast on!