April 16, 2013 -- Greater Toronto REALTORS reported 4,260 sales through the TorontoMLS system in the first Fourteen days of April, representing a slight dip of less than one per cent compared against the same period in 2012. The reported sales figure did benefit from one extra working day compared to last year, because Good Fri. in 2012 dropped in April. "April sales to date, which were driven by strong growth in single-detached home sales in the regions surrounding Toronto, represent a positive beginning to the spring market. Because market conditions have stayed tight, we continue to see average cost expansion well above the rate of inflation for many home types," said Toronto Real-estate Board President Ann Hannah.
The average selling price for April mid-month sales was $527,397 up 4.3 % compared against $505,617 in 2012. Rates of average cost expansion were similar for the Town of Toronto and the surrounding regions under the TREB market area.
"The annual rate of price expansion so far in April is basically above TREB's outlook of 3.5 percent for 2013. Robust expansion in the average apartment studio price in the City of Toronto was a key driver in this regard," expounded Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
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