Photo by 53Kevin
Despite the low temperatures in March, spring is slowly sneaking to Toronto. While kids were having fun during the March break, both average prices and overall sales in the real estate market were rising. This trend applies both to whole Greater Toronto Area and especially to City of Toronto.
As you can see in the infographic, the average price in City of Toronto has increased by 9.65 per cent to $655,067 in comparison to March 2014. This trend is most significant in the detached homes market segment, where the prices have grown by 15.9 per cent since last year. The number of sales in City of Toronto has risen by 7.32 per cent to 3196 sold housing units.
"It is clear that seller's market conditions in many parts of the GTA are driving price growth. 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,"
said TREB's Director of Market Analysis, Jason Mercer.