Well, April numbers are in and things continue to look rosy for the toronto real estate market. Over the fourth month of the year 10,898 sales through the Multiple Listing Service were recorded, representing a 34% increase compared to April 2009. It's important to add some perspective into these numbers - April 2009 represented the first month of recovery from the potent economic downturn. Thus at that point, the economy was far from fully recovered. There were also, 20,689 new listings processed in the Greater Toronto Area. a 59 percent annual increase. With both the sales and listings results in Apri, this resulted in a new recored for the month.
The average price for April transactions was $437,600 - up 13% - compare that with 2009's average price of $385,641.
I reckon there are many factors prevalent in the continued strength of the Toronto housing sector. Primarily low interest rates have played a huge factor in propelling the housing market to continued growth. The HST (Harmonized Sales Tax) does play a bit of a role in this, however, the full extent won't fully be understood until July 1st when the tax does come into full effect.
I'll have more information pertaining to the rules and regulations of the harmonized sales tax (hst) up a little later for further clarification.
To view April's Market Watch Click Here