As expected, Toronto Real Estate Board Realtors reported 12,077 residential sales through TREB’s MLS® System. For the TREB market area as a whole, annual sales growth was strongest for condominiums and detached houses.
While new listings were up strongly compared to last year, the rate of new listings growth was still lower than the rate of sales growth. As a result, prices rose due to rampant demand and limited supply.
Sales & Average Price By Major Home Type March 2017
The challenge is that the growth of the city population is outgrowing the available space. It’s too bad that the various municipalities are so slow to allow permits for new developments and charge high fees to builders to get the land developed. More land for homes and lower costs to develop lands would go a long way to solving the under-supply of homes we are experiencing.
April will be another banner month for home sales as we continue into the Spring Market and start to see some nicer weather.
Have a great April!