Toronto Real Estate Sales Headed for 9,000

TORONTO, April 18, 2005 -- With 4,017 homes changing hands in the first half of April, the resale market rose eight per cent over the 3702 sales recorded during the first half of March, TREB President Ron Abraham announced today.

"Not only has the pace quickened over last month, sales totals are only two per cent off the record setting pace of last April. With sales nearly equivalent to the record, a month-end total of 9,000 single family home transactions is within reach."

Average home prices have risen marginally so far in April, to $337,279 from a figure of $335,697, recorded over the same time period in March. The median price is also up slightly, to $288,000 from $287,000.

"Prices may continue to rise," said the President, "but total inventory has expanded 14 per cent in April to 23,341 listings, and this will likely moderate the rate of increase."
During the first half of the month, a number of areas outside the city showed substantial sales increases over March. Oshawa showed a 41 per cent increase in sales, to 145 transactions.

North of Toronto, strong figures were shown in Thornhill where the number of homes changing hands rose 52 per cent over March, to a total of 61. Southern Richmond Hill also showed strength with 102 sales, a 32 per cent increase over the same time frame.
In the city of Toronto, the Islington/Kingsway area of Etobicoke recorded 69 sales in the first half of April, 41 per cent more than last month, while the Martin Grove/Westmount area increased 62 per cent to 34 sales.

Sales in the downtown core and Harbourfront rose 21 per cent over the first half of last month to a total of 126 transactions. Of these, 102 were condominium units. Sales figures were also strong in Don Mills, showing an increase of 71 per cent to 41 transactions.

Serving more than 21,000 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

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* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.