Thursday, May 04, 2006

Toronto Real Estate Board Reports Over 8,000 Sales - Solid April 2006


Over 8,000 Sales Make for a Solid April

April of 2006 was another great month. Volume of sales and average prices were up compared to previous months.

Wednesday, May 3, 2006 -- Toronto Real Estate Board Members reported a solid 8,361 sales in April, TREB President John Meehan reported today. "April's result was the third best performance ever recorded for the month, and year-to-date sales, at 28,020, are up five per cent over January-to-April of 2005."

Meanwhile, prices trended upward in April, with the average rising four per cent over March to $366,683. It was also up seven per cent over the $342,032 recorded in April of 2005. "A price jump like this is good news for home-owners. However, potential purchasers can take comfort from the fact that, with listings up four per cent over last April 25,245), further increases should be quite limited for the remainder of the year."

The month of May is starting out strong and hopefully this higher level of activity will continue for weeks to come. The mortgage interest rates have increased marginally this year, from about 6% at the beginning of 2006 to about 6.45% in early May. This has caused many people who were locked in at the lower rates to enter the market and take advantage of their lower locked in rate.

I wish you all the best!

Mark

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