The Toronto Real Estate Board announced that there were 22,575 home sales in the first quarter of 2016, with 10,326 of those sales taking place in the month of March. This represents a 15.8 per cent increase in sales per Q1 year-over-year, and a 16.2 per cent increase over March of last year.
“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,” said the president of the Toronto Real Estate Board, Mark McLean, in a press release. “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.”
The average home selling price for a home in the GTA during the month of March was $688,181, an increase of 12.1 per cent over March of last year. For homes in the City of Toronto, the average selling price in March was $699,745.
Jason Mercer, the director of market analysis for the Toronto Real Estate Board, said that, “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.”