Wednesday, May 04, 2011

Toronto Real Estate Board on April resale housing prices and sales volumes

This is the latest report from the Toronto Real Estate Board on April resale
housing prices and sales volumes


TORONTO, May 4, 2011 -- Greater Toronto REALTORS(r) reported 9,041 existing
home sales through the TorontoMLS(r) system in April 2011.

This result was down 17 per cent compared April 2010 when sales spiked to a
new record of 10,898.

While off last year's record result, April 2011 sales were in line with the
average April sales level reported over the previous five years.

"Existing home sales have been strong from a historic perspective through
the first four months of 2011.

Expect the pace of sales to remain robust through the spring, as the economy
expands and home buyers continue to benefit from affordable home ownership
opportunities," said Toronto Real Estate Board (TREB) President Bill

Market conditions tightened markedly over the last year. April 2011 sales
accounted for 62 per cent of new listings during the month - up
substantially from 53 per cent in April 2010. Tighter conditions resulted in
the average April selling price growing by nine per cent annually to

"The number of listings has been below expectations so far this year.
Increased competition between home buyers has led to an accelerating annual
rate of price growth," said Jason Mercer, TREB's Senior Manager of Market
Analysis. "The strong price growth experienced in April should result in
more listings and more balanced market conditions."

Let's hope this is the case!

All the best


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