Toronto April Home Sales Jump

The recovery in Toronto’s housing market gained momentum in April, with sales soaring and home prices climbing for the third consecutive month, as a dearth of properties for sale ramped up competition among buyers.

The home price index, which excludes the highest valued properties, rose by 2.4 per cent to $1,145,700 from March to April, according to the Toronto Regional Real Estate Board (TRREB). The number of sales rose 27 per cent from March to April on a seasonally adjusted basis.

Real Estate Board of Greater Vancouver said the low levels of inventory has created competitive conditions where “almost any resurgence in demand would translate to price escalation.” The number of new home listings in April was one-fifth lower than the 10-year average for last month. (Source: The Globe and Mail, May 4, 2023 issue)