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March 2016 Market Review

April 6th, 2016 Posted by Market Review No Comment yet

March 2016 was another busy month in Toronto real estate. TREB reported 10,326 sales for the month, up 16. 2% over March 2015 sales. Net new listings declined 3.7%, to 14,864 and total active listings dropped 20.7% to 12,132. On-going strong demand kept up the pressure on prices, driving the average sale price (across all types) up 12.1% to $688,181. That’s much less than the oft-quoted price for a fully detached house, which was $1,174,358, up 12.4%.

On that note, TREB uses their HPI to weight the sales of various types of houses and give a more balanced average. Even that number was up 11.6%, indicating that buyer appeal crosses over all types and sizes of properties.

TREB also summarized the quarterly sales, noting that there were 22,575 sales in Q1-2016, and the average price increased by 15.1%.

The condo segment had another big month. Sales in the 416 were up 20.1% over March of last year; the average sale price climbed only 4.3%, indicating good selection for buyers. The average sale for a condo was $416,251, keeping condos as a good option for first-timers and investors who aren’t yet ready for the low-rise segment.

Buying and selling in Toronto has never been easy, and it’s not getting any easier. If you are thinking of getting into the market, you really do need a full-time, professional agent to guide you through the process. Call me any time to talk about your real estate wants/needs, and how to go about getting them.

By the way, I have another blood drive scheduled for April 28th at the Manulife Centre downtown. Check out why, and please do consider signing up to donate. Thanks! 🙂

 

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