Toronto prices rising, despite falling listings, sales

Existing home sales were at 9,041 last month, down 17% from the 10,898 in April 2010, according to the Toronto Real Estate Board (TREB). New listings and active listings were also down by 30% and 24% respectively year-over-year in April.

But the average home price continues to climb in Toronto, with still no break from the steady annual price gains over the past 15 years. The average April selling price was $477,407, up 9% from April 2010.

According to TREB’s historical stats, average annual prices in Toronto have not dropped since 1996, when they fell 2.4% to reach $198,150 from $203,028 in 1995.

While listings have decreased compared to last year, demand has not, according to Jason Mercer, senior manager of market analysis for TREB. The average days on market last month was just one day above the average in April 2010, going from 21 days to 22.

“Increased competition between homebuyers has led to an accelerating annual rate of price growth,” Mercer said. “The strong price growth experienced in April should result in more listings and more balanced market conditions.”

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