Toronto Market Jumps 6.51% in April 2009

 


By Brian Madigan LL.B.

The Toronto market moved up 6.51% in the month of April. That was the average price for a single family home in the GTA.

Also, volumes are almost back to normal. Here's what happened this year:

2009

January....... 2,670 down by half
February..... 4,120 down by one third
March.......... 6,171 down by one fifth
April..............8,107 down by 7%

This is certainly an indication of a lot of pent-up demand.

Let's have a look at the movement in average prices:

2009

January....... $343,632
February...... $361,305
March.......... $362,050
April..............$385,641

In the last three months, that's a 12.22% increase. You should note that the Toronto Real Estate Board reports year over year statistics which fails to recognize current trends.

Traditionally, the best month for sales and prices is May, so that will be a substantial indicator this year. In effect, the market really didn't suffer that much. At lower prices, there were lower volumes, but the buyers have returned to the marketplace and sellers are getting much higher prices. This is an indication of long term stability.

Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Royal LePage Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com
 
This post has been included in Ontario Real Estate News

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Brian Madigan LL.B.

Toronto, ON

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RE/MAX West Realty Inc., Brokerage (Toronto)

Address: Toronto, Mississauga, Oakville, Brampton, Caledon, Thornhill, Greater Toronto Area, http://www.iSourceRealEstate.com

Office Phone: (416) 745-2300

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