While TREB is reporting that April sales have declined by only -2.1% in the GTA, the actual number is closer to -5.2%. TREB says that condo sales in Toronto declined by -1.3% while in reality the actual decline is closer to -3.6%. Keep in mind that this April had an extra one business day, as good Friday was in March!
You see, TREB has revised the sales for April 2012 from 10350 to 10021. There were 329 less sales in April 2012 than originally reported. At the same time TREB reported that sales went up by 18% in April 2012, but according to the official numbers sales went up only by 14%. The same thing will happen to this month's data a year from now! To read an explanation of why Toronto sales are lower than what is being reported click here.
Toronto Housing Market Summary for April 2013
GTA sales are officially down -2.1% (in reality down -5.2%)
Average price in the GTA up by 2.0% ( in reality the number is closer to 1.7%)
Median price in the GTA is up by 2.5%
Toronto condo sales are officially down -1.3% (in reality down -3.6%)
Toronto condo average price is up 5.6%
New Listings are up by 10.9%
Active Listings are up by 13.5%
Days on the Market up by 10%
See the graphs below:
Just because the prices are going up doesn't mean that there is not going to be a crash. Also rising prices do not necessarily mean that there is going to be a soft landing. As I said before, it can take over a year for the housing bubble to start melting!
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