So here's a recent press release by the Toronto Real Estate Board:
Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported strong year-over-year increases in Toronto MLS home sales and the average selling price
in March 2014.
Home ownership affordability, backstopped by low borrowing costs, continued to be a key factor underlying this growth. A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013. Sales growth was much stronger in March compared to the first two months of the first quarter. Sales for Q1 as a whole were up by three per cent compared to the first three months of 2013.
“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,” said Ms. Usher.
The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013. The average price for the first quarter of 2014
was up by 8.5 per cent year-over-year.“
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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
If you're keen to review the latest statistics, here are the Toronto Real Estate Board's March 2014 Housing Charts.
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