Number of new listings was up 6.5 per cent after adjusting for seasonal influences, but is still well below the 10-year average
housing market gained momentum in April, with sales soaring and home prices climbing for the third consecutive month, as a dearth of properties for sale ramped up competition among buyers.by 2.4 per cent to $1,145,700 from March to April, according to the Toronto Regional Real Estate Board . That marks the second month that the index rose over 2 per cent, after a 1-per-cent rise in February.
With home prices picking up, Mr. Mercer said we may also see an upward trend in listings: “Listings growth is often correlated with price growth,” he said. “All the buyers that were on the fence last fall and winter that didn’t want to buy and waited for the rock bottom in prices, they are jumping in now,” said Rafey Aleem, a realtor in the Toronto region.
The index has climbed 5-per-cent higher over the past three months, surpassing REBVG’s forecast for an annual increase of between 1 and 2 per cent.
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