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The Toronto Star carries Alexandra Posadzki's Canadian Press article on what might, or might not, be signs of cooling in the Toronto real estate market.
The number of homes sold in Canada last month hit a record as supply tightened, particularly in the Toronto area, where a fiercely competitive market is dissuading some homeowners from putting their properties up for sale, the Canadian Real Estate Association said Monday.
There were 57,669 homes sold nationwide over the Multiple Listing Service in April, a 10.3 per cent increase from the same month last year, the industry organization said.
The rise in sales came as the number of new homes put up for sale slipped 3.7 per cent from a year ago to 103,028.
That trend was even more pronounced in the Toronto area, where new listings were down 10.3 per cent compared to April 2015.
“While significant home price gains may entice some homeowners in these markets to list their home for sale, the issue for many is that the decision to move means they would also be looking to buy while competition for scarce listings is fierce,” CREA chief economist Gregory Klump said in a statement.