Greater Toronto Area Report April 2017, Steve Moran, Remax

Toronto's housing market showed signs of cooling in April as prices for low-rise homes dropped slightly compared to March as a surge of new listings increased the available supply of resale homes.

The price of homes continued to rise last month, up 24.5 per cent to $920,791 on average for all home types in the Toronto region compared to April, 2016.

But there were signs the Toronto region's market may be poised for more balanced growth. There were double digit increases in new listings across all of the particularly tight categories of low-rise homes. This is encouraging! If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions.

It is too early to say whether the increase in new listings was simply due to households reacting to the strong price growth over the past year or if some of the increase was a reaction to the Ontario Government's recently announced Fair Housing Plan.

I believe that house prices will stay high in Toronto because economic opportunity is driving people here. As long as interest rates stay low; the economy doesn't falter; and, the population grows, there will be plenty of fuel stoking the market.

Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.

Have a great day!