The Greater Toronto Area's (GTA) housing market got a spring boost as sales rose 16.8% year-over-year in April.
In all, 9,042 properties across the GTA were sold in April, according to the latest data released by the Toronto Real Estate Board (TREB). Selling activity picked up across all property types, with detached home sales rising at the fastest rate (21.9%). The average selling price across the GTA for those detached properties slipped in April, while the average selling price for all properties inched up 1.9% year-over-year to $820,148.
The sales growth in Toronto stands in stark contrast to the Greater Vancouver Area’s housing market, where sales fell 29.1% year-over-year in April. Nevertheless, Toronto's real estate board was cautious in their statements about the April sales growth in Canada’s largest city.
"While sales were up year-over-year in April, it is important to note that they remain well below April levels for much of the past decade," said TREB Chief Market Analyst Jason Mercer in a written news release. "Many potential homebuyers arguably remain on the sidelines as they reassess their options in light of the (federal government’s) two-percentage-point stress test on mortgages."
