Strong Growth in Home Sales in March/Q1
April 5, 2016 -- Toronto Real Estate Board announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 percent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.
The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 percent compared to March 2015. The average selling price for all home types combined was up 12.1 percent year-over-year in March and 13.6 per cent in the first quarter.
Did you know the smallest house in Toronto is a detached home on a lot that measures just 7.25 by 113.67 feet, that’s just 29 square metres!
The home at 128 Day Avenue in the area of Dufferin Street and Rogers Road, is nestled between two much larger homes. When the neighbourhood was first established, the land was intended to be used as a laneway. However, curbs were not lowered to allow for vehicles to pass through, so this space was left empty and deemed useless.
A Contractor named Arthur Weeden saw the small parcel of land, and an opportunity. He built the small home and lived there happily with his wife for 20 years. When Weeden died, the small house passed through several owners. It was last on the market in 2010 for just $179,900.