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Greater Toronto Realtors reported 10,350 sales through the MLS in April 2012 . The number of transactions represented an 18.0% increase compared to April 2011. The strongest sales growth was reported in the single-detached market segment where transactions were up by 22.0% compared to a year ago.
The better supplied condominium apartment segment experienced a more moderate annual rate of price growth of 4.0%. New listings, at 16,436, were up by 14.7% compared to April 2011.
“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President Richard Silver .
With market conditions remaining tight in the GTA, the average selling price continued to grow in April up by 8.5% from the same time last year to $517,556.
” Monthly moertgage payments remain affordable for home buyers in the GTA. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. Borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. ”
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate 4.0% annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.
Sales of Toronto ( 416 area code) condominium apartments increased by 9.0% from April 2011. The average price of a Toronto condo increased by 3.0% from the same time last year.
Condominium apartments accounted for 21.0% of total sales in the the GTA for Apri 2012 while detached homes accounted for 50.3% of the total sales.
Other notable statistics include the average days on the market for April at 21 days . Active listings were 18,379 in April 2012-up 3.8% from April 2011. The sales-to-listings ratio for April was 56.3% which is classified as a STRONG seller’s market . A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.
Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street do not indicate that all other neighbourhoods or steets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.