According to TREB Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions.
In March, the average selling price for all reported transactions was $613,933 - up 10 per cent year-over-year. The MLS® HPI Composite Index, which tracks benchmark homes with the same attributes from one period to the next, was up by 7.9 per cent. Average price growth was strongest for detached homes in the City of Toronto, at 15.9 per cent. Over the same period the detached MLS® HPI in the '416' area code increased 7.8 per cent.The average sale price of a home sold in York Region in March 2015 was $758,000, well above the GTA average of $613,900.It shows a clear indication of price growth due to market forces - the relationship between demand and supply.The GTA is one of Canada’s two hot housing markets, behind Vancouver, where sales jumped 53 per cent in March and the average detached home price hit $1.4-million.