More Records Set & We Expect Sustainable Growth In 2010

Here is April’s real estate market update. We have seen more growth in April. As you will see below we are also expecting the year to be sustainable. The media has discussed things like: “Bubbles” and “too much growth too fast”… as always I caution all people following the market to choose a good advisor who is active in the market, someone who can guide you and keep you fully informed so that you can make a great decision. We do not see a “bubble”; we do see a slow down for the fast pace but no expectation of a drop in values in the near future.

Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 percent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home
owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009. “Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

In April, the median price was $373,000, from the $330,000 recorded during April of 2009.

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