Toronto Home Sales Down from Last April, But Prices Up

Greater Toronto realtors reported interesting results this past April. Deals were completed on 9,041 homes, representing a 17% decline compared with April 2010 when sales spiked to a new record. Looking at April 2011 sales from a longer-term perspective, the level of transactions were in line with the April average over the previous five years.

“The level of April sales, after adjusting for the recurring seasonal pattern in transactions, points to approximately 87,000 transactions on an annual basis — more or less in line with our forecast of 85,000 sales in 2011,” Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis, says.

Demand for resale housing in the GTA is unfolding as expected. It is also important to consider where things stand from a pricing perspective. The average price for April transactions was $477,407 — up 9% from April 2010. This annual rate of growth was quite a bit higher than the second half of 2010 and the first quarter of this year.

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