Toronto Area Home Prices Up 5% in March | Toronto Real Estate Blog
April 11, 2011 Leave a comment
Toronto Area Prices Up 5% in March
The Toronto Real Estate Board reported 9,262 transactions in March, the second best March result on record, though still 11% below the all-time record set in March 2010. The average selling price for March 2011 was $456,147, up 5% over last March. Here’s a brief video from Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
The total inventory of homes for sale in March was 16,616, representing only 1.8 months’ supply at a rate of 9,262 sales per month. Anything less than 3 months’ supply is considered to be a sellers’ market, so it’s not surprising that prices are increasing at a strong pace. If interest rates increase in the second half of the year, as is widely expected, then we might see a moderation of this trend in the summer and fall, but for now we have a very hot spring market!
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