Greater Toronto Area REALTORS® reported 5,238 home sales through TREB’s MLS® System during the first 14 days of March 2017. This result was up by 16.4 per cent in comparison to the first two weeks of March 2016, when 4,500 home sales were reported.
The strongest annual rate of sales growth was experienced for the condominium apartment market segment.
However, double-digit annual rates of growth were also reported for detached houses and townhouses.
New listings reported by REALTORS® during the first half of March were down by more than four per cent compared to the same period in 2016. As the trend of declining listings and increasing sales continued, market conditions tightened further with the end result being further acceleration in the annual average rate of price growth.
The average selling price for all home types combined was $935,296 during the first two weeks of March 2017, representing a 35.1 per cent increase compared to March 2016. While the detached market segment experienced the highest annual average rate of price growth, at 37 per cent for the TREB market area as a whole, it is important to note that growth rates were above 30 per cent for all major home types including condominium apartments.
Source: Toronto Real Estate Board