With the year-over-year sale by 17.7 per cent to 12,077 in the course of last month, the hot situation in the Greater Toronto Area’s real estate market is nowhere close to slackening anytime soon.
The listing was increased by 15.2 per cent year-over-year to 17,051 as rendered by the Toronto Real Estate Board, with the biggest gains experienced by detached homes.
Conversely, the additional supply didn’t ease prices as increased demand and opposition amidst buyers saw the average HPI price go up by 28.6 per cent and the benchmark sales figure in the whole of the TREB area increase by 33.2 per cent to $916,567.
The Director of Market Analysis for TREB, Jason Mercer said; “Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed.”