This year we have become used to substantial increases in sales (also known as demand), yet we have seen little increases in active listings (or supply) over the previous year. April was one of the first months this year where we actually saw an increase in supply that wasn’t marginal. As you can see by the graph below, supply is up by 3.8 percent year-over-year. This indicates a slight shift towards balance in market, perhaps an indicator that prices will stabilize and buyers won’t be frantically competing for the same houses. That being said, once again, I do not believe their will be a major correction in pricing given steady mortgage interest rates.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Apr 2011||Apr 2012|
The graph below shows a running tally of month-by-month averages prices in 2011 and 2012:
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for April 2012, and the next column displays year-to-date cumulative totals.
|Overall Toronto Average Prices by Type|
The next section is a neighborhood specific update for the Beaches (E02) and Leslieville/Riverdale (E01). If you would like information about another neighborhood in Toronto, please let me know. I would be happy to prepare and discuss what is happening in your ‘hood.
In April, the average price for homes in the Beaches was $200,000 over the GTA average. While Leslieville/Riverdale was an average of $70,000 over the city’s average. These figures are a clear indication that these districts are among the hottest in Toronto.
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The following chart breaks down housing prices a step further by showing average prices for the month of April by type (i.e. Detached, Semi, Condo, etc). One of the most compelling numbers below is the price for detached homes in E02 — $928,766. This figure is up $44,772 over March of this year. That is up approximately 5% in a single month!
|E1 & E2 Average Prices by Type – Apr 2012|
Thanks for reading my market update for April 2012. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!