Greater Toronto Area REALTORS® reported 12,077 residential sales in March 2017, which is a 17.7 per cent increase compared to the 10,260 sales reported in March last year. As per the market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.
The number of new listings also increased on a year-over-year basis, with a 15.2 per cent increase to 17,051. The strongest growth in new listings was experienced in the detached market segment.
Toronto Real Estate Board President Larry Cerqua said that it has been encouraging not to see policymakers implementing any policies regarding the GTA housing market:
Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policymakers must remember that it is the interplay between the demand for and supply of listings that influences price growth.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 28.6 per cent year-over-year and for the market area as a whole, the average selling price was up by 33.2 per cent. This strong competition between buyers continued to cause high levels of price growth in all major market segments. As the TREB's Director of Market Analysis Jason Mercer said:
Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance.