TREB: Home Sales Increase 11% in March 2015
The Toronto Real Estate Board (TREB) released its monthly results for March 2015, and they did not disappoint. The Greater Toronto Area (GTA) saw 8,940 sales, an 11% increase over March 2014 with 8,052 sales. The average sale price was at $613,933 in March 2015, representing a 10% increase over March 2014.
“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring,” said Mr. Paul Etherington, TREB President.
While transactions went up 11%, new listings only went up by 5.5%. This means that the market has become tighter as there is a higher increase in demand than supply.
TREB’s Director of Market Analysis, Jason Mercer remarked: “”It is clear that seller’s market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the MLS® HPI. This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties.”
Below is a comprehensive breakdown of regions, and the home prices in each: