Greater Toronto Realtors report 8,107 Resales in April

Toronto, May 6, 2009 - In April 2009, Greater Toronto Realtors reported 8,107 sales - down seven per cent from April 2008.  While April sales remained lower than last year, the resale housing market gained momentum on a month-over-month basis.  The seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two-thirds compared to January's ten-year low.

"Conditions in the resale housing market have improved markedly this spring," according to TREB President Maureen O'Neill.  "Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices."

The average price for April transactions was $385,641 - down three per cent from last year.

"The rate of average price decline continued to diminish last month.  This is due in large part to a tightening in the resale market," stated Jason Mercer, TREB's Senior Manager of Market Analysis.  "The level of sales relative to new listings increased in April."

               SUMMARY OF APRIL SALES AND AVERAGE PRICE 2009-2008       

                                                                    April

                                                         2009                          2008       

                                            Sales    Average $         Sales   Average $

City of Toronto ("416")             3,222   $421,470           3,467  $446,781

Rest of GTA ("905")                 4,885   $362,009           5,295  $370,274

GTA                                      8,107    $385,641           8,762  $398,687

                                                                                                        

Source: Toronto Real Estate Board

Catherine Chow

Catherine Chow

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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