Home resales in and around Toronto are down from a year ago, but a number of neighbourhoods have showed healthy sales activity, the Toronto Real Estate Board says.
There were about 1,500 resales in Toronto in the first half of April, an 11 per cent decline from 12 months ago, and there were about 2,500 such transactions in the 905 suburbs, which represented a one per cent decrease, according to figures released on Thursday.
Home prices in Toronto have risen 10 per cent since a year ago to an average of $454,211. The average price of a home in the suburbs has climbed six per cent to an average of $364,939.
The number of listings on the market grew one per cent from the same time last year, with current inventory sitting at 22,985, the board said.
Homeowners are selling their homes with an average of 28 days on the market compared to 30 days a year ago.
"We're also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago," board president Maureen O'Neill stated in a press release.
"April's numbers point to a stable, healthy market for the Greater Toronto Area this spring. However (the board) still remains wary of the Land Transfer Tax in Toronto."
A number of GTA communities and neighbourhoods showed strong sales activity during the first half of this month:
- Willowdale saw a 75 per cent overall increase in transactions, driven by strong sales of detached homes, condo-apartments and condo-townhouses
- Riverdale saw figures increase 10 per cent because of strong detached home sales
- Vaughan and Thornhill saw transactions jump 53 per cent due to detached home sales
- Brampton experienced a 37 per cent growth also because of detached home sales
