House sales down, but prices up

Toronto Star, May 08, 2008

Existing house sales in the GTA plunged by 7 per cent last month from the same period a year ago, but average prices rose, according to Toronto Real Estate Board figures.
The board said in a news release that 8,762 houses were sold last month, compared with the record 9,452 transactions in April last year.
But "the market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year," real estate board president Maureen O'Neill said in a statement. "We continue to experience a supply-and-demand situation and to date, it remains a sellers' market."
The sales figures varied within the GTA, the board said.
The City of Toronto recorded 3,467 transactions in April, down 10 per cent from a year ago, while in the 905 region, sales fell 5 per cent, with 5,295 homes changing hands.
The average price across the GTA was $398,687, up 5 per cent from a year ago, while in the City of Toronto, the average was up 6 per cent to $446,781 and in the 905, it rose 5 per cent to $367,196.