There were 7,792 sales reported through Toronto Real Estate Board's MLS System by Greater Toronto Area realtors last month. In April 2017, there were 11,468 sales reported by GTA realtors.
The average selling price dropped to $804,584 for all home types combined. This figure represents a 12.4 per cent decline in comparison to April 2017.
Changes in market conditions and the type and price point of homes being bought has affected the year-over-year change in the overall average selling price of homes.
This is particularly clear in the luxury home market where detached home sales for $2 million or more accounted for 5.5 per cent of total detached home sales last month.
In April 2017, homes $2 million and more accounted for 10 per cent. The MLS Home Price Index excludes the impact of changes in the mix of home sales from one year to another year and this played a role in the decline of MLS HPI Composite Benchmark last month.
Toronto Real Estate Board President, Tim Syrianos stated that April's price level represents a substantial increase over the past decade even though average selling prices have not reached back to last year's record peak.
He also stated that a strong labour market along with continuous population growth should support long-term home price appreciation.
Toronto Real Estate Board's Director of Market Analysis, Jason Mercer stated that home owners should anticipate a moderate and sustained pace of price growth once we get past the current policy-based changes.
Toronto Real Estate Board