The Toronto Real Estate Board MLS system saw 6,986 single-family dwellings change hands in March, the second best figure for that month ever recorded, TREB President Ann Bosley announced today. “While we are down eight per cent from the record of 7,602 sales recorded during March of 2002, the new figures tell us that the Toronto residential market is still in very good health.”

Prices stabilized in March, up marginally to $290,185 from the $289,954 recorded in February, and up five per cent from the $274,874 recorded last March. “A flood of listings coming onto MLS in March eased some of the upward pressure on prices,” Mrs. Bosley noted.

“Inventory now stands now at 18,842, up 19 per cent from February’s 15,873. This is an indicator that we are entering a more equitable spring market than last year. This increase in listings can be partially attributed to sellers holding off in February because of the bitter winter conditions.”

Breaking down the total, 2,623 sales were reported in TREB’s 28 West districts and averaged $266,552; 1,153 sales were reported in the 14 Central districts and averaged $392,523; 1,392 sales were reported in the 23 North districts and averaged $316,827; and 1,818 sales were reported in TREB’s 21 East districts and averaged $238,981.

Click to view Residential Market Update – March 2003