Article content

Toronto’s housing market entered the busy spring property season with a bang, as sales surged 17 per cent in April compared with a year earlier and prices also pushed higher.

The number of transactions totalled 9,042 units last month, compared with 7,744 units in April 2018, the Toronto Real Estate Board said Monday. On a seasonally adjusted basis, sales were up 11 per cent in April compared with March. The average selling price of a home climbed 1.9 per cent from a year ago, to $820,148.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Toronto housing market starts buying season with a bang, sales up 17% Back to video

The rise in sales is an another indication Canada’s biggest real estate market is stabilizing from a recent slump, though it’s off the dizzying heights of a few years ago. Toronto’s housing market cooled considerably last year as officials tightened mortgage regulations, imposed taxes on foreign buyers and took other measures designed to curb runaway prices — raising worries the steps had gone too far.

Yet economic fundamentals — everything from strong employment gains to a sharp increase in immigration — remain supportive, as has the dovish tilt globally from central banks that have helped bring down borrowing costs in recent months.