Toronto real estate stronger in April
GTA resale housing market moderate last month, but prices up
With 8,762 houses sold in the Greater Toronto Area, April’s resale housing activity was down only 7% from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market.”
Sales activity however, was markedly different in the 416 and 905 regions. With 3,467 transactions in the City of Toronto, sales were down 10% from a year ago. The 905 region was down 5% from April 2007 sales, with 5,295 homes changing hands.
April’s GTA average price was $398,687, up 8% from the same period a year ago. In the City of Toronto, the average price was $446,781, up 6% from last April. In the 905 region the average price increased 5% compared to a year ago, to $367,196.
Several neighbourhoods experienced strong sales in April.
Scarborough East (E08) saw an 8% overall sales increase compared to April 2007, driven by robust detached home sales.
Caledon (W28) experienced a 15% increase compared to the same timeframe a year ago as a result of strong condominium sales.
Condominium sales also drove Willowdale (C07) to a 32% increase from a year ago.
In Thornhill sales increased 8% from last April due to strong detached home sales.
“The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up 7% from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill.
“With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”
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