All Change for The New (Old) Reality
TORONTO, April 16, 2010 – During the first two weeks of April the Toronto real Estate Board reported 4,601 sales through the MLS®.
This is a 25 per cent increase over the 3,681 sales recorded during the the first 2 weeks of same period in 2009. New listings increased by 48 per cent annually to 9,512 as the market reacted to the average price increases over the past several months tempting more Sellers into the Market. We are moving to a more balanced, normal market
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 will continue to decline as 2010 is compared to the improving market of a year ago to our usual single digit annual price increase. Look for a relatively quiet Summer with further moderation in prices, much more like a traditional market compared to the insanity of the earlier part of the year. My spies are already reporting a reduction in the number of Multiple Offers in the marketplace. Here's to an active and sustainable market.
Summary Of April Sales And Average Price
APRIL
2010 2009
Sales Average Price Sales Average Price
City of Toronto ("416") 1,837 $470,532 1,494 $412,987
Rest of GTA ("905") 2,764 $403,514 2,187 $362,785
GTA 4,601 $430,271 3,681 $383,161
Source: Toronto Real Estate Board