Real estate sales in the Greater Toronto Area are showing signs of slowing, according to April figures.
April's resale housing activity was down seven per cent from last year's record numbers.
Stats from the Toronto Real Estate Board show that 8,762 houses sold last month compared to 9,452 homes in the same month last year.
However, the number of houses on the market have gone up seven per cent since April, 2007.
"The number of listings on the Toronto Real Estate Board's Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market," TREB President Maureen O'Neill said in a news release.
"With prices continuing to appreciate and increased listing inventory there are favourable factors in today's market for consumers."
The figures showed different sales activity in the 905 and 416 region. The 905 did slightly better, with sales dropping by just five per cent from last year compared to a 10 per cent drop in Toronto.
They might not be selling as fast but housing prices continue to rise.
The figures show the average listing price in the GTA was $398,687, up five per cent from last year. In Toronto, the average house price was up six per cent to$446,781.
Several neighbourhoods saw strong real estate sales in April compared to 2007 figures:
- Willowdale - The popular condo market drove up sales by 32 per cent
- Caledon - Strong condo sales resulted in a 15 per cent increase in sales
- Thornhill - Detached home sales increased overall sales by eight per cent
- Scarborough East - Strong detached home sales increased overall sales by five per cent
"The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year," O'Neill said in the release. "We continue to experience a supply and demand situation and to-date, it remains a sellers market."
