WATCH: The average house price jumped 10 per cent in Toronto year-over year, and the price of a detached home in Toronto skyrocketed 16 per cent. Alan Carter has the details.
TORONTO — The GTA saw a rush of real estate activity last month, with home prices surging.
When all types of properties are factored in, the average selling price in March was $613,933 – that’s up a whopping 10 per cent year-over-year.
The latest report from the Toronto Real Estate Board lists a total of 8,940 real estate sales reported in March, an 11 per cent increase over March 2014.
READ MORE: Toronto real estate keeps rocketing skyward
Strong competition among buyers is fueling high real estate prices in the GTA, and that’s not likely to change in the near future as the traditionally busy home-buying season during the warmer months begins.
“It is clear that sellers’ market conditions in many parts of the GTA are driving price growth,” said Jason Mercer, the board’s director of market analysis.
The board said low interest rates have kept the buyers coming.
“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices,” said Toronto Real Estate Board president Paul Etherington. “However, a substantial amount of pent-up demand remains in place.”
Sales went up for most major home types both in Toronto and surrounding areas, according to the report. The healthy increase in sales comes despite the fact the average price for a detached home in Toronto crossed the $1 million mark in February.
Detached homes remain the hottest properties in Toronto, showing the strongest average price growth, at 15.9 per cent.
New listing were up by 5.5 per cent, suggesting “tighter” market conditions.
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