“A healthy Winter market is good news for the resale housing industry as we head into Spring,” Jerry England, President of the Toronto Real Estate Board, said today while releasing market statistics for March.

There were 5,550 sales of single-family dwellings last month, up seven per cent from 5,200 in February and up four per cent from 5,350 in March of 1996. This marks the 15th consecutive monthly year-over-year increase in sales activity reported by Members of TREB. Prices were also on the rise again as the average moved up almost 1.5 per cent to $210,207 from $207,221 in February. Compared to March 1996, this year’s average was up six per cent from $197,523. The median price also rose last month moving two per cent to $183,650 from $179,949 in February. The March median is up seven per cent from $171,000 in March of 1996.

“Greater affordability, increasing consumer confidence and low interest rates have all had a hand in driving the market growth that we’ve been experiencing lately,” commented Mr. England. “If the Bank of Canada maintains reasonably low interest rates, I believe we’re heading into a very exciting Spring market.” Pointing to active listings, Mr. England noted the inventory stood at 20,459 at the end of March, up 11 per cent from 18,480 in February, and down 21 per cent from 25,934 in March of last year. To potential sellers Mr. England’s message was simple: “List, list, list. The inventory is currently down and we have lots of potential buyers eagerly awaiting their dream homes!”

TREB’s 5,550 single-family dwelling sales, which were reported throughout the Greater Toronto Area, totalled $1,166,652,974, and averaged $210,207. The median price was $183,650. Breaking down the total 2,162 sales were reported in TREB’s 27 West districts and a veraged $195,759; 806 sales were reported in the 14 Central districts and averaged $298,405; 1,019 sales were reported in the 23 North districts and averaged $231,604; and 1,563 sales were reported in TREB’s 21 East districts and averaged $170,764. In addition to the sales of single-family dwellings, TREB Members reported 995 sales of properties of other types (P.O.T.) during March moving the total to 6,545. The dollar volume for properties of all types (P.A.T.) was $1,407,362,108, and the average price was $215,028.

Residential Market Update March 1997