Market Remains Tight with Sales Up in April
April was another strong month for the real estate market in the GTA. Sales were up 18%, and the average selling price was up 8.5% compared to April 2011.
“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Toronto’s Condo Authority”