/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 05/04/16 -- Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB's MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the '416' area code was due to a lack of low-rise listings. Many would- be buyers were not able to find a home that met their needs.

"Demand remained strong for all types of ownership housing. This suggests that Canadians continue to see the value in investing in homeownership, and on May 17, I encourage all homeowners to celebrate with us on National Real Estate Day," said Mr. McLean.

"While April's sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth," continued Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

"As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced," said Jason Mercer, TREB's Director of Market Analysis.

                Summary of TorontoMLS Sales and Average Price
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                                         April 1 - 30, 2016
                                  2016                       2015
                       -----------------------------------------------------
                         Sales  Average    New     Sales   Average    New
                                 Price   Listings           Price   Listings
City of Toronto ("416")   4,248  766,472    6,155    4,057  690,658    7,144
Rest of GTA ("905")       7,837  724,235   10,097    7,197  605,336   10,894
GTA                      12,085  739,082   16,252   11,254  636,094   18,038
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                TorontoMLS Sales & Average Price By Home Type
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                                        April 1 - 30, 2016
                               Sales                  Average Price
                         416     905   Total     416        905      Total
                      ------------------------------------------------------
Detached
                         1,401   4,661  6,062  1,257,958   881,413   968,437
 Yr./Yr. % Change        -4.0%   11.2%   7.2%      18.9%     20.7%     18.9%
Semi--Detached             371     766  1,137    901,159   572,318   679,618
 Yr./Yr. % Change       -10.8%    2.8%  -2.1%      23.8%     16.9%     18.2%
Townhouse                  440   1,402  1,842    611,899   514,774   537,974
 Yr./Yr. % Change        -2.0%    4.8%   3.1%      11.0%     14.8%     13.4%
Condo Apartment          1,997     812  2,809    436,545   343,439   409,631
 Yr./Yr. % Change        17.4%    9.4%  15.0%       7.0%      7.8%      7.6%
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         April 2016 Year-Over-Year Per Cent Change in the MLS® HPI
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                   Composite     Single-     Single-   Townhouse   Apartment
                 (All Types)      Family      Family
                                Detached    Attached
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TREB Total            12.64%      14.47%      14.00%      12.20%       6.85%
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Halton Region         12.51%      12.82%      14.94%       4.62%           -
Peel Region           12.62%      12.61%      13.08%      11.84%      10.21%
City of Toronto        9.86%      12.28%      11.27%      11.80%       6.43%
York Region           16.69%      18.31%      17.11%      14.93%       6.62%
Durham Region         16.57%      16.75%      17.47%      18.14%       2.36%
Orangeville           18.39%      18.90%      17.12%           -           -
South Simcoe
County1               17.31%      17.55%      17.84%           -           -
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1 South Simcoe includes Adjala--Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 43,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com

Contacts:
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

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