According to the Toronto Real Estate Board (TREB), there were 8,081 sales through the Multiple Listing Service (MLS) in March. Up by 7.2 per cent compared to March 2013.
March saw an average selling price of $557,684 - which is up by 7.8 per cent from the average selling price of $517,232 reported in March 2013.
“Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types. Against this backdrop, however, overall inventory at theend of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb,” said Ms. Dianne Usher, President, Toronto Real Estate Board.
The median price in March 2014 was $473,000.
The median price in March 2013 was $437,000.
“With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings. Strong price growth will be the result for the remainder of 2014. If the pace of price growth experienced in the first quarter is sustained, TREB may revise its outlook for the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).