Nice weather, nice real estate numbers, post-Olympic afterglow…pretty cool Canada. And by cool I mean hot.

The Toronto Real Estate Board (TREB) reported record results for existing home sales for March and the first quarter of 2010.

Last month, 10,430 transactions were reported through the Multiple Listing Service (MLS) within the TREB market area, representing a 69% increase over the same month last year. The March result rounded out the first quarter with total sales amounting to 22,418 — a 75% increase over the first three months of 2009. The average prices for March and first-quarter transactions were $434,696 and $427,948, respectively, which represented 20% annual increases for both the month and the first quarter.

As has been the case in recent months, strong annual growth rates for sales and average price were due to both increased demand for ownership housing, driven by strengthening consumer confidence, and the base-year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.

Read the full article by Tom Lebour “March marches along nicely” (heh…kinda lame title) in the Financial Post (April 10, 2010)

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