Price & Sales Increase Over 10% In March

Toronto Real Estate Board reported 8,940 sales in March 2015. This result represented an 11% increase compared to 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  Toronto Real Estate Board President Paul Etherington.

In March, the average selling price for all reported transactions was $613,933 – up 10% year-over-year. Average price growth was strongest for detached homes in the City of Toronto, at 15.9%.

“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.

 

 

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