Condos along Toronto's waterfront. The city clocked a 16.8-per-cent year-over-year rise in home sales in April.
Is Toronto's housing market making a comeback after nearly two years of weak conditions? The industry certainly seems to think so, after new data released Monday showed sales rebounding in April. On a seasonally adjusted basis, sales jumped 11.3 per cent from March, and were 16.8 per cent higher than the same month a year earlier, the Toronto Real Estate Board reported on Monday. But the supply of newly-listed homes on the market hasn't been keeping up, increasing 8 per cent over that time.
"This suggests that market conditions continued to tighten, which points toward an acceleration in price growth," TREB said in a statement.But the 9,042 sales clocked this April are still 22 per cent fewer than sales in the same period two years ago, when the market was at a peak. Sales this month were"well below April levels for much of the past decade," TREB chief market analyst Jason Mercer said in a statement. He pointed the blame at the federally-mandated mortgage stress test, but noted that some pressure has been taken off buyers in the form of slightly lower mortgage rates.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »
Source: macleans - 🏆 19. / 71 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »