sales through the TorontoMLS® 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.....
May 4, 2011 -- Greater Toronto REALTORS® reported 9,041 existing home
sales through the TorontoMLS® 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
Johnston.
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
$477,407.
"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."
Median Price
In April, the
median price was $402,000, from the $373,000 recorded during April of 2010.
View on TREB
