According to the Toronto Real Estate Board’s mid-April home sales statistics, home sales through the Toronto MLS Listings in Toronto increased by 10.8 per cent during the first two weeks of April compared to the same time last year.
“The robust increase in sales speaks to the fact that home ownership remains affordable in the GTA,” said Dianne Usher, the president of the Toronto Real Estate Board in a press release. “The majority of home buyers purchase a home using a mortgage. A household earning the average income in he GTA can comfortably afford a mortgage on an average priced home.”
She continued, “While the persistent listings shortage in the GTA, coupled with strong demand, has led to a brisk pace of price growth, very low advertised mortgage rates have gone a long way to mitigating the effect of upward trending home prices.”
The average selling price for a home in Toronto during the first 14 days of April 2014 as up by 11 per cent over the same time last year, to $583,697.
“The overall average price increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto,” said Jason Mercer, the senior manager of Market Analysis for the Toronto Real Estate Board in the same press release. “There was a substantial increase in higher-end home sales this year compared to last. This time last year, many would-be home buyers and sellers were still on the sidelines due to changes in federal mortgage lending guidelines, including those guideline changes that removed the government guarantee on mortgage insurance on home sales over one million dollars. However, many of these households have subsequently adjusted to the lending guideline changes and have recently purchased a home.”