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.1
“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.
Complete April Real Estate Statistics click here.
SUMMARY OF APRIL SALES AND AVERAGE PRICE 2009?2008
City of Toronto (“416″)
April 2009
Sales 3,222
Average Price $421,470
April 2008
Sales 3,467
Average Price $446,781
Rest of GTA (“905″)
April 2009
Sales 4,885
Average Price $362,009
April 2008
Sales 5,295
Average Price $370,274
Source: Toronto Real Estate Board
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.
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