(Source: Toronto Sun)

The country’s battered housing market is on the rebound — and Toronto is ahead of the curve, according to statistics released by the Canadian Real Estate Association.

Across the nation seasonally adjusted home sales rose 7% in March, compared to February, and the month-over-month increase in Toronto was a whopping 19.4%.

But that’s not where the real story lies, says Toronto condo magnate Brad J. Lamb.

“Real-estate sales go up in the spring, that’s a given,” Lamb said yesterday. “But the year-over-year numbers really show us that sales are rebounding.”

Sales in the GTA were down about 7% in March over last year. That was the smallest decline in six months, when the economy started to plummet.

February sales were down 31.6% over the same month in 2008, and November saw a year-over-year decrease of 50.1%.

‘GAP SHRINKING’

“The gap is shrinking,” the association’s chief economist, Gregory Klump, said.

Read the full article “Sales up in badly battered housing market” in the Toronto Sun (April 16 2009)

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