The average selling price for firm deals reported through the first two weeks of April was $483,165,representing a 12 per cent increase over the average price of $430,271 reported during the same periodlast year.
“The number of homes listed for sale so far in 2011 has been below expectations. Market conditionshave tightened, resulting in increased competition between home buyers and accelerating rates ofaverage price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The strong rate of price growth reported for the first two weeks of April should entice more householdsto list their homes for sale. This would result in more balanced market conditions and more moderaterates of price growth,” continued Mercer.
John Pasalis is the Broker Owner of Realosophy Realty Inc in Toronto. Realosophy focuses on researching Toronto neighbourhoods to help their clients make smarter real estate decisions. Email John