Greater Toronto Realtors reported 10,350 transactions throughout the Toronto MLS system in April 2012. This level of sales was 18% higher than the 8,778 firm deal 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% compared to last year. "Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in these homes has not kept up with demand, which means that 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.
"Monthly mortgage payments remain affordable for home buyers. While they are generally expected to increase over the next two years, the extend 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
In the Brampton area, year to date, 5,043 homes have been listed and 2,885 of those have sold for an average price of $401,158. The average days on the market is 21 and homes has sold on average for 98% of asking price.