March 2016 Market Review
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! 🙂