30 Mar 2011

Toronto home sales slide in March

The rate of home sales and storage unit purchases didn't break any records in the first two weeks of March. In fact, when compared to 2010, the sales rate dropped.

According to the Greater Toronto Real Estate Board, there were 4,138 home sales the first half of the month, a decline of 5 percent year-over-year. Furthermore, the number of homes being listed for sale also declined when compared to March 2010, dipping 15 percent.

Bill Johnson, president of the TREB, said the numbers are actually a positive sign for how Torontonians are faring in today's economic climate.

"A positive economic outlook for the Greater Toronto area, including steady growth in jobs and incomes, has kept households confident in their ability to purchase and pay for a home over the long term," Johnson said.

Still, Toronto's economic success may not be as prosperous as it could be. According to a recent report that tracks the economic performance of 24 international cities, the Greater Toronto area slid to eighth place on the Toronto Board of Trade's prosperity list. Last year, Toronto was the world's fourth most prosperous city.  

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