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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.”

Posted on Wednesday, May 4, 2011 at 08:10PM by Registered CommenterElaine in | CommentsPost a Comment

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