In a remarkable turnaround, average real estate prices in the Greater Toronto Area (GTA) have experienced significant growth, with some areas witnessing increases of up to 25% since January.
Following a dip to a three-year low in January, average real estate prices have soared across the board over the past three months, according to data from the Toronto Regional Real Estate Board (TRREB).
In January, the average sale price for all dwelling types combined was $1,026,703. However, by April, this figure surged to $1,156,167, marking a remarkable $129,464—or 12.6%—increase over the span of three months.
Breaking down the data further, detached homes saw an average price increase of 12.2%, rising from $1,350,828 in January to $1,516,070 in April. Similarly, semi-detached units experienced a 9.8% jump, with prices climbing from $1,038,303 to $1,139,929 over the same period.
Even condominium prices witnessed notable gains, with townhouse-style condos in the GTA seeing a 6.1% increase from $792,834 in January to $841,266 in April. Apartment condos also experienced a 6.8% surge, with prices rising from $681,979 to $728,067.
Despite the upward trend in prices, sales have shown mixed results. While experiencing year-over-year increases in January and February, sales declined in March and April. The year-over-year decline in March was 4.9%, with 6,560 sales compared to 6,896 in the same month last year. Similarly, April saw a 5.5% decrease, with 7,114 transactions compared to 7,531 in April of the previous year.
TRREB president Jennifer Pearce noted that while many homeowners anticipate increased demand for ownership housing in the spring, potential buyers may be waiting for signals from the Bank of Canada regarding interest rate changes before making purchasing decisions.
The surge in real estate prices underscores the resilience and dynamism of the GTA housing market, defying earlier declines and signaling continued activity in the sector.