April Resales: Hint At Decline

Mid-month figures have been released and the numbers point to another consecutive month decline in the Greater Toronto Area -- and this time, the weather can't be blamed. First, the bad news:

• Overall, the GTA saw a 5% decline over the same period in April 2007.
  
• The 416 (Toronto) saw an 11% decline over the same period a year ago.
  
• While, the 905 (surrounding areas) saw a 1% decline over the same period a year ago.

However, on the bright side (i.e., the obligatory "good news") is that:

• prices are up 7% overall from a year ago
• 10% in the 416
• 6% in the 905

The sentiment is that the market is "still healthy" with encouragement from listing inventory that is up only slightly, days on market for solds that's shortening, and a rising average sold to asking price ratio.

Source:

• GTA resale housing market down but still healthy (Toronto Real Estate Board)