Toronto Real Estate Market showes a 48% increase in listings!
The Multiple Listing Service during the first two weeks of April. This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512. “The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.
“Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price.”
The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009. “The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”
This looks like April will mark the turning point for Toronto’s Real Estate Market. For the first time in years we saw new listings increase at a faster rate than sales. Toronto’s real estate market has suffered from a shortage of new listings ever since the market rebounded a year ago.