The Toronto Real Estate Market continued its remarkable Spring in April, with an all-time record setting 9,168 sales recorded through the TorontoMLS system, TREB President Cynthia Lai reported today. “The resale market in the first four months of 2004 has been the best ever recorded,” Ms. Lai commented. “The monthly sales total is up 25 per cent from the 7,307 recorded last April, and up 12 per cent from the 8,181 sales recorded in April of 2002, which was our best ever April. It is also up one per cent over last month’s previous all-time record of 9,076 sales. The good news just goes on and on.”
Prices rose in April, up four per cent to $321,131 from the $307,155 recorded in March. “Fortunately,” Ms. Lai noted, “inventory rose to 20,633 listings, up two per cent over last April. Though an increased number of homes on the market should mitigate price increases, to an extent, demand continues to outweigh supply. In addition, there are certain types of houses that remain relatively affordable. For example, prices of condominium apartments have increased only about four per cent over this time last year, whereas the market as a whole has increased about twice that much.”
Breaking down the total, 3,481 sales were reported in TREB’s 28 West districts and averaged $301,401; 1,529 sales were reported in the 14 Central districts and averaged $427,792; 1,848 sales were reported in the 23 North districts and averaged $344,815; and 2,310 sales were reported in TREB’s 21 East districts and averaged $261,316.