GTA REALTORS® Report April 2012 Mid-Month Resale Housing Market Figures

Yesterday the Toronto Real Estate Board (TREB) released their April 2012 Mid-Month Resale Housing Market Figures.   According to Jason Mercer, TREB”S Senior Manager of Market Analysis, “Growth in listings has not kept up with growth in sales.  In the City of Toronto, new listings for low-rise home types during the first half of April were actually down compared to last year.  This helps explain why some of the tightest market conditions in the GTA can be found within the ‘416’ area code,”.  Check out the full report below.

TORONTO, April 18, 2012 – Greater Toronto REALTORS® reported 4,557 transactions through the TorontoMLS system during the first two weeks of April 2012.  This result represented an increase of almost seven per cent in comparison to the same period in April 2011.  The number of new listings grew over the same period, but by a lesser annual rate than sales, which means market conditions tightened compared to last year.

 “Competition between buyers remained strong in many parts of the Greater Toronto Area during the first half of April, with many listings attracting a lot of attention.  Strong competition meant that, on average, sellers priced within market value range received offers that matched their asking prices within three weeks,” said Toronto Real Estate Board President Richard Silver.

 The average selling price during the first two weeks of April was $506,954 – up by five per cent compared to the first half of April 2011.  The annual rate of price growth was stronger in the GTA regions surrounding the City of Toronto.

 “Growth in listings has not kept up with growth in sales.  In the City of Toronto, new listings for low-rise home types during the first half of April were actually down compared to last year.  This helps explain why some of the tightest market conditions in the GTA can be found within the ‘416’ area code,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.