According to the latest monthly resale market figures from the Toronto Real Estate Board, home sales in March 2014 were up by 7.2 per cent over March of last year.
“Sales activity in the GTA accelerated last month,” said Toronto Real Estate Board president Dianne Usher. “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 the end of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb.”
The average selling price for homes sold in Toronto during this time period was $557,684, which is an increase of eight per cent over March 2013.
“With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “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.”
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