GTA home sales up 362% since last April, but market is starting to slow: TRREB
TORONTO -- The Toronto Regional Real Estate Board says April delivered a record number of home sales for the region, but the market is starting to slow from the torrid pace seen earlier this year.
The board says 13,663 homes were sold in the region in April, a 362 per cent increase from the 2,957 properties sold last April, which was the first full month of the COVID-19 pandemic.
However, home sales in April were down 12.7 per cent from 15,652 in the month prior.
New listings in April soared by 237 per cent, when compared with last year but dropped by 8.4 per cent when compared with March 2021.
The average selling price amounted $1,090,992, up from $820,226 last April but down from $1,097,565 in March 2021.
TRREB says the month-over-month decreases are a sign of a pullback in market activity and indicate that the region may be exhausting its pool of potential buyers within the existing GTA population.
This report by The Canadian Press was first published May 5, 2021.