A housing bubble in Ontario? Not according to reported 10,350 transactions through the TorontoMLS System [VIDEO]

 Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS System in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported
in April 2011.

The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. 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,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent 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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary of TorontoMLS Sales and Average Price
April 1 - 30
2012 2011
Sales Average Price Sales Average Price
City of Toronto ("416") 3,925 $568,436 3,426 $527,242
Rest of GTA ("905") 6,425 $486,473 5,352 $444,515
GTA 10,350 $517,556 8,778 $476,802
TorontoMLS Sales & Average Price By Home Type
Sales Average Price
416 905 Total 416 905 Total
Detached 1,465 3,743 5,208 831,214 579,278 650,147
Yr./Yr. % Change 22% 22% 22% 9% 9% 9%
Semi-Detached 451 691 1,142 581,034 393,889 467,796
Yr./Yr. % Change 15% 13% 14% 3% 7% 5%
Townhouse 423 1,184 1,607 423,062 364,099 379,619
Yr./Yr. % Change 6% 25% 19% 1% 8% 5%
Condo Apartment 1,534 637 2,171 360,807 289,819 339,978
Yr./Yr. % Change 9% 9% 9% 3% 7% 4%



Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.


Media Inquiries: Mary Gallagher, Senior Manager Public Affairs (416) 443-8158 maryg@trebnet.com



Watch Video of Jason Mercer - 
Senior Manager, Market Analysis, 
discusses the Market Watch Report for April 2012. 
Hosted by Shannon Kelly - Social Media Manager.

    
     
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REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



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