Here’s a strange anomaly for you: Even though more homes were for sale this April compared to one year ago, home prices were up by as much as 24.5 per cent that month compared to a year earlier.

If you’re still in the market for a house you may have noticed that significantly more homes – 33.6 per cent to be exact — were for sale last month compared to April of 2016. But the greater supply did little to stem the upward flow of the city’s house prices, according to figures released by the Toronto Real Estate Board (TREB).

Based on TREB data, the average cost of a home in Toronto climbed to nearly $921,000 last month, up almost $200,000 from last April’s average house price of $739,762.

April also saw sales nudge down by 3.2 per cent compared to a year ago, a sign, say some, that the Toronto real estate market is finally cooling off.

Any which way you look at it, more listings will inevitably signal a positive note for the Toronto real estate market, says a TREB economist.

“It was encouraging to see a very strong year-over-year increase in new listings,” said Jason Mercer, director of market analysis. “If new listings growth continues to outpace sales growth moving forward, we will start to see more balanced market conditions.”

Still, the board is not expecting any downturns in home prices. In fact, Mercer says the spring and summer months will see the growth of house prices well above the rate of inflation.

A greater housing supply could be a reaction to the market’s big year-over-year price jumps and the province’s newly implemented Fair Housing Plan, though it’s too early to tell.

Another indicator that the market is cooling showed in sales of detached homes, which slipped slightly from March to $1,205,262 from $1,214,422. Semi-detached homes also dipped a bit last month, while condo prices increased by 4.3 per cent.

Instability in the UK in the wake of the recent Brexit vote could actually crank up the heat on Toronto’s real estate market, say experts.

The uncertainty in global markets thanks to England’s decision to leave the European Union could serve to fuel Canada’s red-hot housing market because interest rates will likely remain low, according to BMO Nesbitt Burns.

“In that event, the Fed will remain on ice even longer and Canadian rates will again probe all-time lows, keeping mortgage rates at an extremely low ebb and thus further fanning the flames in the domestic housing market,” said BMO chief economist Douglas Porter and senior economist Robert Kavcic.

The pair issued the warning in their latest report, which dealt with the various factors driving the out-of-control price increases in Vancouver and Toronto.

Brexit could be good news for those interested in investing.  According to Mortgage Broker News, there is a phenomenal amount of capital looking for commercial real estate and those foreign investors think an investment in Canadian real estate is a sure thing. Expect foreign investment in Vancouver and Toronto to continue.

As for how Brexit will impact mortgage rates, Toronto’s mortgage planner David Larock suspects the vote would not have any damaging effects on Canadian borrowers, at least not for the foreseeable future.

“Over the longer term, while the Brexit heightens global financial risks and raises the potential for increased volatility in financial markets, any related flare ups should trigger a capital flight to safety that would be expected to put downward pressure on our bond yields and therefore our mortgage rates,” the analyst wrote.

Given the state of Canada’s economy, which the Bank of Canada warned will push the country back into a recession in the second quarter, it’s very likely interest rates will remain at historically low levels.

“As we’ve grown to expect, rock bottom interest rates are expected to keep mortgage lenders busy for the foreseeable future,” wrote Sam Bourgi at www.canadianmortgages.ca

A private school may be too costly, a public school too basic and a catholic school, too religious. There are clearly a number of options parents have today when choosing a school for their little ones. But the question we want to address is whether or not the quality of a school should affect your decision to purchase a home.

Believe it or not, this is a growing trend among home buyers. According to the National Association of Realtors in the U.S., proximity to top schools is one of the most influential factors in making a decision to purchase a house. The association found that 29 per cent of buyers listed school quality and 22 per cent cited closeness to schools as deciding factors in purchasing a home.

Often a good school means the neighbourhood in which it resides is also a good one. Look for safety stats and services such as Neighbourhood Watch programs, access to public transportation, and amenities such as parks, restaurants and places of worship.

It’s said a great school district can buoy a neighbourhood’s prices even when the market turns down so there is good reason to choose an area based on its schools.

A good school often means you can ask a higher selling price.  Though resale values and home equity may seem like far-off notions to you now, they are something you should always be thinking about when buying a home. Homes situated in good school districts are not only valued higher, they also take less time to sell.

But perhaps the best reason that should influence you buying in an area known for its schools is your children. It’s natural to want a better life for your kids and school is a defining part of their formative years so choose wisely.

Thanks to the introduction of standardized testing in Ontario schools in 1995 parents have an easy way to evaluate schools, though educators and non-educators alike will tell you that EQAO results shouldn’t be the only determining factor of a school’s quality.

Still, the scores are worth noting when schools are a top consideration for which neighbourhood you will choose to live in. Once a year, the Fraser Institute publishes a national report card on elementary and secondary schools across the country. Thanks to data gleaned from mandatory province-wide literacy and math tests the FI awards public schools a ranking out of 10 with 1 being the lowest.

For the full FI report visit https://www.fraserinstitute.org/sites/default/files/ontario-secondary-school-rankings-2016.pdf

For info about its interactive school website rankings visit  http://ontario.compareschoolrankings.org/secondary/SchoolsByRankLocationName.aspx