According to the statistics for the GTA, 3,955 resale homes were sold in the first two weeks of April. This is a 5% drop when compared to the figures last year at the same time. Though the average price has risen to
$399,117 and the number of homes on the market is 1% greater, properties are sold faster - at an average rate of 28 days on the market.

But it’s not all bad for the entire city. Some areas of Toronto did better than last year. Willowdale, which includes the Yonge and Sheppard area, experienced a staggering 75% increase. The jump has been attributed to, not surprisingly, strong sales in condominiums and townhomes. Riverdale is another area that experienced a 10% increase, with detached home sales leading the way.

Things don’t look so good in the States right now.

American consumers are continuing to lose confidence as falling housing values, a potentially weak labour market and rising foreclosures, coupled with prices for oil exceeding $100 a barrel, set the stage for rather bleak economic conditions. The optimism of the future, according to the results of the RBC CASH (Consumer Attitudes and Spending by Household) Index, has fallen from 48.5 in February to 33.1 this month. On top of that, expectations for six months’ time aren’t too hot either, with a third believing that the local economy will be weaker than it is now.

And what about the stock market? 67% think that it would be safer to stay away from investing in the stock market for the next few weeks.

The study was conducted from March 3-5 on 1,013 American adults.

Our housing market and economic conditions are fortunately in better shape.