Average Price of Detached Home in City of Toronto At $1.17 Million Last Month

The Toronto Real Estate Board announced that it had record high sales volume and another increase in prices during the first quarter, particularly the month of March was strong.

During the first three months of 2016, there were 22,575 sales reported by the board's members. In the month of March, there were 10,326 sales.

Sales activity increased approximately 16 per cent in comparison to March 2015 and the first quarter of last year.

The average selling price for all types of homes in the Greater Toronto Area was $688,181 last month. In March 2015, the average price was $613,815. The average price last month increased about $74,000 from last year which represents a 12% increase.

In the City of Toronto, the average price was $699,745 last month. The average price for fully detached homes was at $1.17 million. The average price of a condo unit was at $416,251 in March.

Reference: The Toronto Sun

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