Detached homes in the City of Toronto see a stunning 15.9% jump in price. A total of 8,940 properties switched hands across the GTA in March, with peak trading months just around the corner.

Susan Pigg – Toronto Star

House prices shot up 10% in March over a year ago driven largely by fierce competition, more demand for higher-end homes and a stunning 15.9% jump in the price of detached homes in the City of Toronto.

Comment: Just wait. April has been NUTS.

There is no relief in sight for beleaguered buyers as Toronto heads into what’s looking to be a brisk spring market: While new listings were up some 5.5% in March compared to a year ago, sales were up a whopping 11%, according to figures released Tuesday by the Toronto Real Estate Board.

Comment: And we have listings falling as of mid-April, with demand through the roof.

The average sale price of houses and condos combined across the GTA hit $613,933, up 10% from the average of $557,684 in March of 2014, according to TREB sales and price statistics.

A detached home in the City of Toronto — which hit the $1 million milestone in February — rose to $1,042,405, but averaged a more moderate $709,116 in the 905 regions, where realtors report bidding wars are also escalating as the supply problem becomes more pronounced in the face of unrelenting demand fuelled in large part by low interest rates.

Comment: Demand doesn’t have much to do with interest rates, they affect price more.

“…A substantial amount of pent-up demand remains in place, especially as it relates to the low-rise market segments (detached, semi-detached and townhomes),” said Board president Paul Etherington in a release.

“This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring.”

Comment: Same as the past 60-70 months.

A total of 8,940 properties switched hands across the GTA in March, with the peak spring buying and selling season of April, May and June just around the corner.

Comment: April is the usually the peak. Though we have seen busy Februaries of late, and June. The old spring and fall markets are almost gone, with most months being busy. No more taking a vacation in July or December!

Even condo and townhomes sales surged as more buyers, realizing they may be locked out of the house market forever, turned their sights to the next most affordable thing.

Condo sales were up 13.5% in the 416 region in March, year over year, and up 10.8% in the 905 regions.

Average sales prices for condos were up 3.3% in the City of Toronto, with the average price just shy of $400,000 at $398,337. Average condo transaction prices were up 6.7% in the 905 regions, year over year, to $310,156, said TREB.

Comment: Guess the condo market isn’t stagnating, is it?

Townhome sales were up 8.3% in the 416 region, year over year, and 9.1% in the 905 regions and the average sale price hit $546,993 and $438,503 respectively.

Semi-detached sales dropped in March over a year earlier, which may reflect a lack of supply as they are among the most highly sought-after housing type now that detached home prices have climbed out of sight.

Sales for those attached homes were down 5.3% in the City of Toronto and 2.5% in the 905 regions. Prices, however, were up 9.8% in the City of Toronto, to an average transaction price in March of $723,167 while prices climbed 9.2% in the 905 regions to an average of $476,566.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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