April was another record setting month for home sales reported by Toronto real estate board. Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. However , the combination of the recent interest rate hikes, price increases, and government restriction introduced in April seems to be slowing the rate of increase.
The average house prices in Durham showed an unusual rate of increase in February and March due to some higher end homes finally starting to sell. April, however, saw a drop in the average sale price mainly due to a larger supply of homes available on the market.
In April Toronto real estate board reported 20,683 new listings that entered the market. This represents a 59 per cent annual increase which is large enough to tip the balance. In Durham the percentage of sales to active listings in April was just under 50 percent, providing a balanced market.
