{"id":16489,"date":"2019-05-06T12:17:28","date_gmt":"2019-05-06T16:17:28","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16489"},"modified":"2019-05-06T16:47:57","modified_gmt":"2019-05-06T20:47:57","slug":"treb-april-2019","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/","title":{"rendered":"Spring Market to Heat Up as Sales Growth Outpaces Supply: TREB April Report"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><br>The long-awaited spring market is finally making itself felt in the Greater Toronto Area, as home sales enjoyed a 16.8% increase from the previous year; a total of 9,042 transactions took place in April, also marking a month-over-month increase of 11.3% from March. <br><br>It\u2019s the strongest pace of growth experienced thus far this year, according to the <a rel=\"noreferrer noopener\" aria-label=\"Toronto Real Estate Board (opens in a new tab)\" href=\"http:\/\/trebhome.com\/index.php\/market-news\/market-watch\" target=\"_blank\">Toronto Real Estate Board<\/a>, as the market has struggled to absorb the impacts from new housing policies including the nationally-mandated mortgage stress test.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Home Prices Up Throughout TREB Area<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The average GTA home price also rose modestly by 1.9% to $820,148, while the MLS Home Price Index increased by 3.2%, indicating a larger mix of higher-value homes trading hands. However, fewer new&nbsp;<a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\">MLS listings in Toronto<\/a> and the surrounding region has prompted TREB to warn of potentially heating market conditions; a total of 17,205 homes were brought to market in April, an increase of just 8%. The overall sales-to-new-listings ratio for all markets tracked by TREB hit 52% &#8211; still well within <g class=\"gr_ gr_7 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Grammar only-ins doubleReplace replaceWithoutSep\" id=\"7\" data-gr-id=\"7\">balanced<\/g> territory, but an increase from 47% last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 416 <g class=\"gr_ gr_8 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Grammar multiReplace\" id=\"8\" data-gr-id=\"8\">market<\/g> also experienced robust growth, with sales up 9.7%, representing 3,234 homes changing hands, and the average home price rising 4.4% to $903,992. The increase in new supply was better aligned with sales in the city, with 5,735 homes listed, up 8.2%. That\u2019s left Toronto market conditions with a ratio of 56% &#8211; roughly unchanged from 55% last year, though hovering on the edge of a sellers\u2019 market. As has been the trend,&nbsp;<a href=\"https:\/\/www.zoocasa.com\/toronto-on-condos\">condos for sale in Toronto<\/a> led the market in terms of price growth, along with detached houses in higher-density neighbourhoods.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TREB Warns Too-Short Supply Could Overheat Market<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe 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,\u201d stated Garry Bhuara, TREB\u2019s president, adding that the board\u2019s overall sales outlook for 2019 is improved from last.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt should be noted, however, that growth in new listings is not keeping pace with sales. This points to an ongoing supply issue in the GTA.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Stress Test Still Point of Concern<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jason Mercer, TREB\u2019s chief market analyst, says that while the April numbers are an improvement over the short term, the impact from the aforementioned stress continues to felt throughout the market, pointing out that activity remains below the 10-year trend. He voices the board\u2019s frustration that no action has been taken by policy makers to adjust the stress test\u2019s criteria, despite shifting economic trends, and an easing interest rate environment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cMany potential home buyers arguably remain on the sidelines as they reassess their options in light of the OSFI-mandated two-percentage-point stress test on mortgages,\u201d he stated. \u201cLonger-term borrowing costs have trended lower this year and the outlook for short-term rates, for which the Bank of Canada holds the lever, is flat to down this year. Unfortunately, against this backdrop, we have seen no movement toward flexibility in the OSFI stress test.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Check out the infographics below to see how sales and price trends have changed year over year in both the City of Toronto and total TREB area in April:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/treb-home-sales-prices-april-2019-updated.png\"><img decoding=\"async\" src=\"\"><img decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/treb-home-sales-prices-april-2019-updated.png\" alt=\"\" class=\"wp-image-16491\"><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/toronto-home-sales-prices-april-2019-updated.png\"><img decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/toronto-home-sales-prices-april-2019-updated.png\" alt=\"\" class=\"wp-image-16492\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The long-awaited spring market is finally making itself felt in the Greater Toronto Area, as home sales enjoyed a 16.8% increase from the previous year; a total of 9,042 transactions took place in April, also marking a month-over-month increase of 11.3% from March. It\u2019s the strongest pace of growth experienced thus far this year, according [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":16493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33,181],"tags":[],"class_list":["post-16489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sales Heat Up Says TREB April 2019 Report | Zoocasa<\/title>\n<meta name=\"description\" content=\"The long-awaited spring market is finally making itself felt in the Greater Toronto Area, as home sales enjoyed a 16.8% increase from the previous year; a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sales Heat Up Says TREB April 2019 Report | Zoocasa\" \/>\n<meta property=\"og:description\" content=\"The long-awaited spring market is finally making itself felt in the Greater Toronto Area, as home sales enjoyed a 16.8% increase from the previous year; a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-06T16:17:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-06T20:47:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/05\/treb-home-sales-prices-april-2019-blog.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"687\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Penelope Graham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Graham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/\"},\"author\":{\"name\":\"Penelope Graham\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/9a2554dc39c550f5ef3339b25aa1f09c\"},\"headline\":\"Spring Market to Heat Up as Sales Growth Outpaces Supply: TREB April Report\",\"datePublished\":\"2019-05-06T16:17:28+00:00\",\"dateModified\":\"2019-05-06T20:47:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/\"},\"wordCount\":527,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Infographics\",\"Real Estate News\",\"Toronto Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/treb-april-2019\/\",\"name\":\"Sales Heat Up Says TREB April 2019 Report | Zoocasa\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2019-05-06T16:17:28+00:00\",\"dateModified\":\"2019-05-06T20:47:57+00:00\",\"description\":\"The long-awaited spring market is finally making itself felt in the Greater Toronto Area, as home sales enjoyed a 16.8% increase from the previous year; 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