During the month of April, the first full month of spring TREB reported a 1.8% year-over-year increase in sales; 9,706 compared to 9,535 transactions in April, 2013.
"April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year. Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs. However, sales levels would have been higher but for the lack of supply. A number of factors underlie the constrained supply of listings. In the broader GTA context, above trend home sales in the years leading up to the recession have meant that many households who purchased during this time period simply aren't ready to move again", said Dianne Usher, TREB's President.
"Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhome market. So far this year, there has been no relief on the listing front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long term norm," said Jason Mercer, TREB's Senoir Manager of Market Analysis.