Housing Market in the GTA – April
By Elli Davis, May 10, 2012
Toronto Skyline by Matthew
This year is passing by unbelievably fast! Another month is behind us, which is good news for those who are eager to have fresh updates about the housing market in the Greater Toronto Area. The market report for April 2012 has been published, and here are its findings!
As Greater Toronto REALTORS® reported, 10,350 homes were sold through the Toronto MLS system last month. Compared to April 2011 and 8,778 transactions, the level of sales rose by a very strong 17.9 per cent. With a 22 per cent increase, single-detached homes contributed to the overall rise the most. The same type of home recorded the most noticeable growth in prices too, as the average price went up by 9 per cent. In general, the average price for a property was $517,556 this past month, 8.5 per cent higher than $476,802 seen in April 2011.
Overall, 2012 has been a fantastically successful year for home sales in the GTA. In the next couple of months, the current trend is expected to continue. The reason is simple: in the words of TREB’s Senior Manager of Market Analysis, Jason Mercer, “Borrowing costs are expected to remain a positive factor influencing home sales.”