Condo sales lift T.O. prices, uh?

There were some 9,811 sales through the MLS system in April, a dip of 2 per cent in comparison to April 2012, the Toronto Real Estate Board said Friday. Both new listings during the month and active listings at the end of April were up on a year-over-year basis, TREB said. The average selling price for April was $526,335, up 2 per cent year on year, while the MLS HPI Composite Benchmark Price was up 2.9 per cent.

“The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis,” Jason Mercer, TREB's senior manager of market analysis, said in a statement. “The improved condo sales picture, with Toronto sales [volumes] down by only one per cent compared to last year, suggests that interest in condo ownership may be improving."

Condo apartment prices were up 3.1 per cent in April at an average $349,493. However, the condo price rise was limited to central locations. Condo prices in “the 416,” central Toronto, were up 5.6 per cent at an average $379,266, while prices in suburban “905” areas were down 5.9 per cent at $273,832, the TREB data show.

The strength of condo sales in April follows weak first-quarter data. TREB earlier reported that the average price for condo sales was $332,846 in the January-March period, down by 0.5 per cent compared to the same period in 2012. Prices also slipped for the final quarter of 2012.

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