Toronto’s average resale house price reached $227,174 in March, an increase of nearly 3 per cent from both the $221,354 reported in February and the $221,564 reported in March of 1998. Further, sales rose to 5,795 in March, up 16 per cent from the 5,005 recorded in the same month last year, and up a whopping 32 per cent from the 4,393 seen in February.
“It is clear that we have entered a seller’s market,” said TREB President Bill Palander. “And with our low level of inventory, there is likely to be an upward pressure on home prices for the foreseeable future.”
The President went on to note that, at 19,237, the total number of properties listed with the Board was down nearly 7 per cent from the comparable period in 1998. “These days, our Members’ only complaint is the lack of product out there.” Breaking down the total, 2,262 sales were reported in TREB’s 28 West districts and averaged $205,309; 902 sales were reported in the 14 Central districts and averaged $344,272; 1,001 sales were reported in the 23 North districts and averaged $249,214; and 1,630 sales were reported in TREB’s 21 East districts and averaged $179,186.