Sales Moderate In April But Prices Up
May 5, 2008
April statistics show that 8,762 houses were sold in the Greater Toronto Area. The market continues to experience a supply and demand situation and to-date it remains a sellers market.
The GTA maret was down 7% from last April's record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.
The sales pace however, did not take place evenly throughout the GTA. With 3,467 transactions in the City of Toronto, sales werd down 10% from a year ago. The 905 region was down 5% from April 2007 sales, with 5,295 homes changing hands.
Prices continued to appreciate last month, to a GTA average of $398,687, up 5% from last April's $379,025. The average price in the City of Toronto was $446,781, up 6% from April 2007. The 905 region's average price of $367,196 increased 5% from a year ago.
For more than a decade, real estate has served as the economy's engine. It's encouraging that consumers are continuing to put their faith in real estate as an excellent long-term investment.
- The Toronto Real Estate Board
