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Toronto’s housing prices showed signs of steadying in April, with moderate price increases expected as the year moves on.
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB’s MLS® System in April 2018, at an average selling price of $804,584. On a year-over-year basis, the average selling price was down by 12.4 percent while sales were down from last April’s record levels by 32.1 percent.
“While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade,” noted Mr. Syrianos.
Jason Mercer, TREB’s Director of Market Analysis added, “The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density lowrise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong and local economy and steady population growth.”
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