According to statistics released by The Canadian Real Estate Association (CREA), the number of homes sold in Canada in April 2016 hit a new record.
But while sales rose to their highest level ever, supply shrank, particularly in the Toronto area. The number of new homes put up for sale slipped 3.7 per cent from a year ago to 103,028. The trend was even more pronounced in the Toronto area, where new listings were down 10.3 per cent compared to April 2015.
Some highlights from the CREA website:
– National home sales rose by 3.1% from March to April
– The number of newly listed homes was little changed (-0.2%) from March to April
– The national average sale price climbed 13.1% in April from one year ago
In the greater Vancouver area, sales in April 2016 were virtually flat from the previous month — up only 0.1 per cent — while in greater Toronto sales climbed 3.2 per cent on a month-to-month basis.
The national average price for homes sold in April rose 13.1 per cent from a year ago to $508,097.
Excluding the greater Vancouver and greater Toronto markets, the average price was $369,222, up 8.7 per cent from April 2015.