According to the latest monthly resale market figures from the Toronto Real Estate Board, home sales in the GTA increased by 18 per cent – from 8,778 home sales in April of last year to 10,350 home sales in April of this year.
“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions,” said the president of the Toronto Real Estate Board, Richard Silver. “Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” he said.
Single detached homes experienced an increase of 22 per cent in sales compared to April last year.
Average prices increased by 8.5 per cent year over year.
“Monthly mortgage payments remains affordable for home buyers in the Greater Toronto Area,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “While interest rates are generally expected to increase over the next two years, the extend and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012.”
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