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Greater Toronto Realtors reported 9,811 sales through the MLS in April 2013. The number of transactions represented a 2.0% decrease compared to April 2012.
The number of new listings reported in April was up by 10.9% compared to the same period in 2012.
“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah. “
“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.
The average selling price continued to grow in April up by 2.0% from the same time last year to $526,335. Note, the average selling price for 2012 as a whole was up by almost 7% to $497,298!!
The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only 1.0% compared to last year, suggests that interest in condo ownership may be increasing said Jason Mercer, TREB’s Senior Manager of Market Analyses.
“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low resulting in average price growth above 3% for the TREB market area this year. Our current average price forecast is $515,000 for all homes combined in 2013,”said Jason Mercer, TEEB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments decreased by 1.3% from April 2012. The average price of a Toronto condo increased by 5.6% from the same time last year.
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