April 2019 GTA Real Estate Market Report Summary
The city is finally starting to warm up and so is the real estate market! TREB recently released their GTA real estate market report, which showed substantial year-over-year gains in home sales this April. New listings were up, and sales continued to grow from last month.
Here is how the Greater Toronto Area’s real estate market faired this April:
In addition to year-over-year gains, April saw an increase in the number of sales from March. There were 7,187 home sales in March, which jumped up to 9,042 in April. The average sale price also increased to $820,148. The number of active listings increased significantly too, while the average days on market dropped from 21 days in March to 19 days in April.
Richmond Hill reflected a number of these changes. There were 252 units sold in the area in April, up from 192 in March. The average price dropped slightly, but the number of active listing rose to 925.
Price Per Home Type
Detached homes in the GTA saw modest increases in April, with the average sale price rising to $1,018,147. There were 4,173 detached units sold in the GTA, an increase from 3,230 in March. Detached homes in Richmond Hill saw a small jump in the sale price and the number of units sold, but nothing significant.
Semi-detached units saw a price increase in the GTA and Richmond Hill in April. Across the GTA, semi-detached units sold for $808,796 in April an increase from $789,462 in March. Semi-detached homes in Richmond Hill also saw a price increase, rising to $841,400.
The average price of townhouses across the GTA remained fairly stable, although there was an increase in the number of units sold. In March, there were only 6 townhouses in the Richmond Hill sold but that jumped up to 15 in April.
Condos in the GTA were once again popular in April, with 2,357 units sold across the GTA. The average price of a condo unit rose slightly to $588,168 up from $560,020 in March.
Overall, Toronto’s real estate market has gained ground after a sluggish winter market. TREB President, Garry Bhaura stated, “The strong year-over-year growth in sales is obviously a good news story and likely represents some catchup from a slow start to the year. TREB’s sales outlook for 2019 anticipates an increase relative to 2018.” Contact us today if you need help buying or selling your Richmond Hill home!