The Toronto Regional Real Estate Board says Greater Toronto residence gross sales in March had been down 4.5 per cent from final 12 months, however there was sufficient competitors between patrons that the common residence worth rose reasonably year-over-year.
The board says 6,560 properties modified fingers within the month in contrast with 6,868 final 12 months, whereas noting this 12 months’s gross sales figures had been down partially as a result of statutory Good Friday vacation falling inside March moderately than April.
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The common promoting worth was up 1.3 per cent year-over-year to $1,121,615.
New listings had been up 15 per cent over the identical interval, which TRREB president Jennifer Pearce attributes to householders probably anticipating an enchancment in market circumstances within the spring.
The first quarter ended with 11.2 per cent greater gross sales year-over-year and new listings up by 18.3 per cent for the three-month interval.
Pearce says that if borrowing prices start to lower later this 12 months, gross sales will rise and new listings will likely be absorbed, inflicting tighter market circumstances that push promoting costs greater.
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Toronto-area home sales down in March but competition pushes prices up: board
