Row home sales continued to improve in April, contributing to the 19 per cent year-to-date gain. At the same time, new listings have improved by 16 per cent so far this year. The gains in new listings did little to change the low inventory situation due to sales activity. This has kept the sales-to-new-listings ratio high at 93 per cent and the months of inventory below one month for the fourth consecutive month.

The persistently tight conditions, especially in the lower price ranges, are driving further price growth for row homes. In April, the unadjusted benchmark price reached $458,100, two per cent higher than last month and 20 per cent higher than levels reported last year. Both monthly and year-over-year gains were the highest in the most affordable districts of the North East and East, where resale row homes are still priced below $400,000. 

Apartment Condominium

Sales in April reached 822 units, contributing to year-to-date sales of 2,761 units, a 24 per cent gain. Apartment condominium sales have risen more than any other property type and now represent nearly 30 per cent of all resale activity. This, in part, has been possible due to the rise in new listings. April reported 1,050 new listings, helping support a monthly gain in inventory levels in line with seasonal expectations. However, inventory levels remain nearly 13 per cent lower than last year’s and are 35 per cent below long-term trends. 

Like other property types, year-over-year supply declines are driven by the lower-priced segments of the market, which for apartment condominiums is units priced below $300,000. Overall, persistent sellers’ market conditions in the lower price ranges are driving further price growth. In April, the unadjusted benchmark price reached $346,200 a month, a gain of over two per cent and nearly 18 per cent higher than last April. Year-over-year price growth ranged from over 30 per cent in the North East and East districts to a low of 13 per cent in the City Centre.

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