Photo: Danielle Scott/Flickr
According to the Toronto Real Estate Board (TREB), the GTA recorded 3,838 sales of existing homes in the first half of March, an 11.8 per cent boost over the same time last year.
The average selling for a GTA home also saw a double-digit increase, rising 10.6 per cent year-over-year to $620,106. The news follows the Canadian Real Estate Association report for February, which found the Aggregate Composite MLS Home Price Index in GTA rose 7.84 per cent over 2014, the highest increase in the country
Earlier this month, detached houses in the 416 made headlines as the monthly average price in February rose past the million dollar mark for the first time. This pricey market segment maintained its lofty heights: in the first half of March, the average price for the 497 detached houses sold was $1,099,239, a 14 per cent rise over the same time in 2014. Sales were also up by 13.2 per cent.
“So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price,” said Jason Mercer, TREB’s Director of Market Analysis.
On the flip side, the average price for a GTA condo was $368,915, unchanged from last year, despite a 14.7 per cent increase in sales, year-over-year.