Market Update – March 2011

Toronto Real Estate Board statistics for March 2011 were published today, giving us another snapshot of where Toronto real estate is at.  The market is up about 5% year/year and up 0.4% from a month earlier.  Sales were strong in March at 9,263, which is about 48% more sales occuring than a month earlier.  That aligns with what I am experiencing on a daily basis in Etobicoke.  We are firmly in a seller’s market with homes selling rapidly.

Here is what the Toronto Real Estate Board said:

April 5, 2011 — Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Median Price
In March, the median price was $385,000, from the $370,000 recorded during March of 2010.

 

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