TREB's regular housing report for the last month is out, so let's take a look at the current market situation.
9,262 transactions through the TorontoMLS® system were recorded by Greater Toronto REALTORS®, which is the second best March result ever, with the number of transactions down only 11% from the record March result of last year.
The report quotes Bill Johnston, the President of TREB: "The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide."
Jason Mercer, TREB's Senior Manager of Market Analysis, believes that competition among buyers was tighter this March compared to last year. "With more competition between
buyers, we have seen a strong but sustainable rate of price growth," he explained.
The average selling price for the last month went up to $456,147, an increase of 5 per cent in comparison to March 2010. The strongest average annual price growth (approximately 7 per cent) was reported for condominium transactions and semi-detached houses.
Finally, the median price stood at $385,000 this March, up from $370,000 recorded the year before.