As the temperature heated up and the war as well and as our health crisis took a positive turn the local Real Estate market reacted with the second best April ever recorded. The Toronto Real Estate Board MLS system recorded 7,307 sales last month, up four per cent from the 6,986 sales recorded in March, but off 11 per cent from the record 8,181 sales in April of last year. “The real estate market remained stable over the cold winter months and now that warmer weather is on its way, we can expect to see a very vibrant spring selling season.”

Prices climbed marginally in April, the President noted, to $292,783 from March’s figure of $290,185, an increase of one per cent. The median also rose marginally, to $253,000 from the figure of $252,500 recorded in March.

“While prices are still on the rise, the rate of increase has slowed to less than one per cent a month. This is due to a flood of inventory that has come onto MLS as the weather improved. There were 20,184 active listings on the TREB system at the end of April, a seven per cent increase over March. More homes for sale means more choice for purchasers, and an easing of upward pressure on home prices.”

Breaking down the total, 2,799 sales were reported in TREB’s 28 West districts and averaged $272,036; 1,255 sales were reported in the 14 Central districts and averaged $393,127; 1,358 sales were reported in the 23 North districts and averaged $317,178; and 1,895 sales were reported in TREB’s 21 East districts and averaged $239,488.

Click to view Residential Market Update – April 2003