The spring market was a turning point for the country’s housing market as April home resales spurted 11.3 per cent month over month nationwide, marking the strongest monthly advance in almost three years, the report said.
While activity is still running at 11 per cent less than just before the pandemic, that may not last for long if more sellers enter the market. New listings have significantly lagged behind resales, but if prices continue upward sellers might be more inclined to jump back into the market, Hogue said.
According to the Toronto Regional Real Estate Board, the average home price in Toronto rose to $1.15 million in April from $1.03 million in January or almost a 10 per cent increase.
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