According to the Toronto Real Estate Board (TREB), there were 8,940 sales through the Multiple Listing Service (MLS) in March. Up by 11.0 per cent compared to March 2014.
March saw an average selling price of $613,933 - which is up by 10.0 per cent from the average selling price of $557,982 reported in March 2014.
“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring,” said said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in March 2015 was $515,000.
The median price in March 2014 was $473,000.
"It is clear that seller's market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the MLS® HPI. This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties," said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).