According to the Toronto Real Estate Board (TREB), there were 10,326 sales through the Multiple Listing Service (MLS) in March. Up by 16.2 per cent compared to March 2015.
March saw an average selling price of $688,181 - which is up by 12.1 per cent from the average selling price of $613,815 reported in March 2015.
“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in March 2016 was $572,450.
The median price in March 2015 was $515,000.
“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year," said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).