According to the latest from the Toronto Real Estate Board, home sales increased by 11 per cent in March of 2015 compared to the same time last year. There were 8,940 sales during the month of March, while new listings were up by 5.5 per cent.
“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,” said Toronto Real Estate Board President Paul Etherington in a press release. “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.”
The average selling price for homes in March was $613,933, which is an increase of 10 per cent over last year.
“It is clear that seller’s market conditions in many parts of the GTA are driving price growth,” said the Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “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.”