March 2016 Mid-Month Statistics From Toronto Real Estate Board

On March 17th, the Toronto Real Estate Board released housing statistics from the first 14 days of the month.

GTA realtors reported a total of 4,569 sales through TREB's MLS system during the first 14 days of March. The number of transactions jumped up by 20.3 per cent in comparison to the same time period last year. In 2015, there were 3,797 transactions reported during the first 14 days of March.

Overall, there was double digit annual rates of sales growth for all major market segments seen in the first two weeks of March. Semi-detached house sales increased by the greatest rate in comparison to last year.

TREB members reported 6,689 new listings during the first two weeks of March. This represents a 1.2 per cent decrease from last year. Last year during the same time period, there were 6,770 new listings reported.

Although the market conditions were tightened this year in comparison to 2015, there was strong competition between buyers. As a result, the average selling price for March mid-month transactions jumped by 12 per cent year-over-year. Condominium unit market segment experienced an annual rate of price growth, more than double rate of inflation. Low-rise market segments also continued to drive price growth.

According to the data, the price growth of detached and semi-detached homes in the City of Toronto was not as strong as the price growth of these types of homes in the surrounding area due to the fact that fewer higher end homes were sold during the first two weeks of March in comparison to the same time period last year.

Reference: Toronto Real Estate Board