The Toronto resale home market turned in its best performance ever in March, with 9,076 homes trading hands through the TorontoMLS system during the month, President Cynthia Lai announced today. “This figure is up an extraordinary 11 per cent over the April 2002 figure of 8,181 sales, which was our previous best one-month performance,” The President said. “It is also the first time sales have cracked the 9,000 level.”

Prices eased in March, falling to $307,155 from the $310,196 recorded in February, a decline of about one per cent. “An influx of new listings onto the market (14,641) helped ease some of the upwards price pressures of the last several months,” Ms. Lai noted.

“We should see housing remain relatively affordable over the course of the year, in spite of high sales volumes.” The President went on to say that overall prices were up six per cent over the $290,185 recorded in March of 2003. She went on to point out, however, that these increases varied from neighborhood to neighborhood, with some areas like Islington in W-08 rising only about three per cent year-over-year.

Breaking down the total, 3,433 sales were reported in TREB’s 28 West districts and averaged $287,588; 1,500 sales were reported in the 14 Central districts and averaged $395,172; 1,849 sales were reported in the 23 North districts and averaged $339,276; and 2,294 sales were reported in TREB’s 21 East districts and averaged $252,996.

Click to view Residential Market Update – March 2004