Tight Market Results in Strong Price
Growth in April
TORONTO - 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.
BY IWONA NOWYSZ - Real Estate Broker - REALTY EXECUTIVES - Mississauga, Ontario
About Me
- Iwona
- Mississauga, Ontario, Canada
- Realty Executives - ***WHERE THE EXPERTS ARE*** With my qualifications and experience in real estate, architectural design, together with my engineering background, I feel I am an ideal customer support person to assist YOU in buying, selling or leasing a property! I am a big fan of soccer and hockey. My daughter Karina is playing soccer-goalie position. My son Martin is playing 'AAA' hockey.