April stays strong

TORONTO, May 3, 2006 -- The resale housing market remained strong in April as 8,361 homes changed hands during the month, Toronto Real Estate Board President John Meehan announced today. The month’s results represent the third-best April ever, though activity moderated by five percent compared with April of last year.

Overall year-to-date sales at the end of the month were nearly five per cent ahead of 2005’s pace, following a record first-quarter this year.

“The year began very strongly,” Mr. Meehan said. “The warm weather we experienced early on got activity going sooner than usual, effectively moving the peak spring market forward a few weeks.”

Jason Mercer, Senior Market Analyst for the Canadian Mortgage and Housing Corporation, noted that the Toronto Area market is supported by a healthy economic foundation. "The April sales results point to near-record demand for ownership housing,” Mr. Mercer said. “Because of steady job growth and low borrowing costs, consumers remain positive about the purchase of a home.”

A number of neighbourhoods consisting largely of detached houses were among the most active in the Toronto Area during the month, compared to April of 2005.

Wilson Heights in North York saw 29 per cent more transactions during the month, in comparison to April of last year.

Etobicoke’s South Humber district saw the largest increase in activity compared with April of last year, as 63 per cent more homes changed hands.

Outside the city, overall sales activity in the Richmond Hill North area was 35 per cent higher than last April.

“Active listings are up about four percent indicating a slight shift in what has been predominately a seller's market,” the TREB President said. “REALTORS® who had been employing the marketing strategy of holding off offers to a future date are now encouraging their sellers to entertain the offers as they get registered. With interest rates staying low it’s an excellent time to be in the market whether you are moving up, moving down or just getting started.”

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Its 25,245 listings resulted in April’s 8,361 sales. Serving over 23,000 Members in 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.