(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%.


“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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