With improved weather, resale market activity rebounded in April in the GTA, with 8,762 actual sales equating to 83,100 seasonally-adjusted. Activity is lower than a year ago. According to the forecast of Will Dunning, this will continue for the next few months. Thus, during the next few months, reports will show significant year-over-year drops in resale volumes. According to Dunning's prediction:

"For the next few months, reports will show significant year-over-year drops in resale volumes. But, we shouldn’t be concerned, so long as the sales rate stays above 80,000 seasonally-adjusted."

New home sales weakened in April to 2,560 actual sales. Low-rise sales have been below 20,000 annualized for seven months, the 958 actual high-rise sales equate to 9,600 seasonally-adjusted. While this is far below the record pace of 2007, it is still strong in historic terms, Will Dunning notes in his Housing Market Digest.

This entry was posted on Saturday, May 10th, 2008 at 12:00 am and is filed under Toronto real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.