TREB Members reported 8,707 sales of existing homes in March, a 10 per cent increase over the 2005 total of 7,904, Toronto Real Estate Board President John Meehan announced today.

“The March performance is the second best ever recorded for the month,” Mr. Meehan said. “Furthermore, year-to-date we have seen 19,831 sales, which is the best first quarter result since statistics have been kept.” Prices steadied last month, with the average registering at $353,134, almost the same as in February and up seven per cent from the $330,545 recorded in March of 2005. Inventory climbed four per cent over last March to 22,765, and average time-on-market fell to 30 days.

Breaking down the total, 3,281 sales were reported in TREB’s 28 West districts and averaged $334,274; 1,558 sales were reported in the 14 Central districts and averaged $458,623; 1,710 sales were reported in the 23 North districts and averaged $381,774; and 2,158; sales were reported in TREB’s 21 East districts and averaged $282,954.

Click to view Residential Market Update -March 2006