The Toronto Real Estate Board has just released the latest sales report. Last month, there were 8,940 sales transactions reported through the TorontoMLS system by Greater Toronto Area Realtors. This represents an 11 per cent increase from March 2014, which had 8,052 sales. Also, with the exception of semi-detached homes, all major home types saw an increase in sales. When asked to comment on these figures, President of TREB Paul Etherington said, “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.”
Similarly, the average selling price saw an increase from $557,982 last March to $613,933 last month, which is a 10.0 per cent increase. Mr. Etherington explained that this was due to “a substantial amount of pent-up demand… 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 number of active listings on the market fell from 16,543 last March to 15,295 last month.
TREB’s Director of Market Analysis Jason Mercer confirmed that “seller’s market conditions in many parts of the GTA are driving price growth.”
If you are thinking about selling or leasing your home and would like more information, don’t hesitate. Contact an experienced Century 21 King’s Quay representative today!