Realtors experienced their busiest March in terms of sales on the Multiple Listing Service®, since 2006. Reports show a considerable surge in resale home sales in March and throughout the first quarter of the year.
The strong home sales reported in March and throughout the first quarter of 2011 have been based on solid affordability and improving economic conditions country wide.
Greater Toronto REALTORS® reported 9,262 transactions in March 2011, representing the second best March result on record. The number of transactions was 11% lower than the record result reported in March 2010.
"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," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for March 2011 was up 5% year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately 7% for both home types.
"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
The median price was $385,000, from the $370,000 recorded during March of 2010.