According to the latest from the Toronto Real Estate Board, home sales in Toronto increased by 11.8 per cent during the first two weeks of March compared to the same time period last year, while new listings also increased by 8.4 per cent.
“Strong year-over-year growth in home sales continued during the first half of March for most home types in the GTA, both in the City of Toronto and the surrounding regions,” said Paul Etherington, president of the Toronto Real Estate Board. “This suggests that households continue to view the purchase of a home as a quality long-term investment. But for a lack of low-rise listings in some neighbourhoods, it is quite possible that the number of sales could have been higher.”
The average selling price for homes during this time period was $620,106, which is an increase of 10.6 per cent compared to last year.
Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis, said that, “The fact that sales growth has continued to outpace listings growth suggests that there is pent-up demand in the marketplace, especially for singles, semis and townhouses. This is why we have experienced a sustained period of strong price growth for low-rise home types. So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price.”