Industry News

Toronto real estate sees slowdown

Hefty sales growth eclipsed by rising inventory

Home sales in Toronto, Canada, fell 5 percent in April compared to a year ago, marking the first year-over-year decline in 10 months, the Toronto Real Estate Board reported Wednesday. In April, 8,361 homes changed hands, down from 8,834 reported a year earlier, according to TREB. The last month the Toronto market saw a decline in sales was June 2005, when activity dipped 1 percent from the June 2004 level. Overall year-to-date sales at the end of the month were nearly 5 percent ahead of 2005's pace, following a record first-quarter this year. "The year began very strongly," said TREB President John Meehan. "The warm weather we experienced early on got activity going sooner than usual, effectively moving the peak spring market forward a few weeks." A number of neighborhoods consisting largely of detached houses were among the most active in the Toronto area during the month, compared to April 2005: Wilson Heights in North York saw 29 percent more transactions during the month, in co...