The latest sales figures for the Greater Toronto Area have just been released. The Greater Toronto Area Realtors reported a number of sales growth indicators, including a total of 8,081 sales transactions through the TorontoMLS system last month, up from 7,357 in March 2013, representing a 7.2 per cent year-over-year increase. There were also a higher number of new listings last month, with 14,829 compared to 14,618, which is a 1.4 per cent increase compared to last March. Similarly, the average selling price last month was $557,684, up 7.8 per cent from $517,232 in March of last year.
The strong sales were due in large part to low interest rates and home ownership affordability. According to Toronto Real Estate Board President Diane Usher, “Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types. Against this backdrop, however, overall inventory at the end of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb.”
TREB’s Senior Manager of Market Analysis Jason Mercer added that “with borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings. Strong price growth will be the result for the remainder of 2014. If the pace of price growth experienced in the first quarter is sustained, TREB may revise its outlook for the average selling price.”
With the mercury rising and the days getting longer, now is the time to buy or sell your home. Contact an experienced and knowledgeable Century 21 King’s Quay real estate agent today!