In April, TREB Member’s reported 6,163 sales of single family dwellings throughout the Greater Toronto Area, down about 3% from the 6,328 sales recorded in March, but up 3% from the 5,996 recorded in April 2000, TREB President David Pearce said today.
“Right now sales are setting a strong, if not record breaking pace, and average prices have stabilized at about $250,000 ($249,692),” the President noted. “In addition, we are expecting further interest rates cuts over the next few weeks, and this should act as a spur to the late Spring market.” “However,” the president concluded, “because inventory is at its highest level since 1998, we expect only moderate price increases over the remainder of the year. The Toronto market, after having been tilted towards sellers for the past several years, is now coming into balance.”
Breaking down the total, 2,332 sales were reported in TREB’s 28 West districts and averaged $232,057; 906 sales were reported in the 14 Central districts and averaged $361,045; 1,188 sales were reported in the 23 North districts and averaged $265,113; and 1,737 sales were reported in TREB’s 21 East districts and averaged $204,743.