The Toronto Real Estate Board (TREB) has published its latest Market Watch detailing resale activity across the Greater Toronto Area in the month of March.
In all, 12,077 residential properties changed hands via the board’s multiple listing service (MLS) system, rising 15.2 per cent above activity recorded in March 2016.
Meantime, the average price of a GTA home was $916,567, surging 33.2 per cent compared to a year earlier. Digging deeper into the report than these general price and sales figures, here are 13 staggering stats from TREB.
1. Homebuyers in the GTA snapped up a whopping $11,069,381,891 worth of homes in March.
2. Transactions in the City of Toronto alone accounted for $3,829,866,009 of that sum.
3. Detached homes achieved an average sale price of $1,214,422 (up 33.4 per cent on a year-over-year basis) and continue to be the priciest housing type.
4. The condo segment remained the most affordable but reached an average sale price of $518,879, a gain of 33.1 per cent in only 12 months.
5. Percentage-wise, condo sales led in terms of year-over-year growth as a total of 3,261 condo units changed hands, up 23.9 per cent from last year.
6. But numbering 5,887, detached home sales still outpaced condo sales, which stood at 3,261.
7. On average, Greater Toronto Area homes stayed on the market for just 10 days, compared to 16 in March 2016.
8. In the Durham municipalities of Ajax and Whitby, homes lasted on the market for six days, the lowest of all TREB areas.
9. If the current pace of sales persisted and no new listings were added, GTA resale housing inventory would sell out in one month flat.
10. Some 17,051 new listings appeared on TREB’s MLS, up 15.2 per cent over the 14,785 added a year earlier.
11. Active listings (homes listed on the market as of the end of a month’s last day) equalled 7,865, plummeting 35.2 per cent from March 2016’s total of 12,132.
12. The GTA-wide sales-to-new listings ratio was 75.5 per cent, which is above the 40-to-60 range that’s considered a sign of market balance.
13. The ratio was highest in Orangeville, where it hit 89.6 per cent, suggesting the rate of home sales is nearly as fast as the rate new listings are posted.