Toronto’s real estate market reported a massive surge in listing and sales activity in March, as more consumers rushed to purchase homes before interest rates take an expected hike in the next few months.
“Toronto has certainly helped to turbocharge the first-quarter numbers for Ontario,” said Canadian Real Estate Association chief econominist Gregory Klump.
“The market is extremely hot…The talk has been that interest rates are going to rise and as a reuslt buyers are getting into the market sooner rather than later.”
In March, the city led the country in the value of total home sales, the number of units sold and number of listings, said Klump.
On Thursday, CREA released a report showing listings and sales approached or hit record levels across the country last month, as well as in the first quarter of 2010.
Read the full article by Emily Mathieu “Toronto home sales surge” at Yourhome.ca (April 15, 2010)