Despite talk of an overheated market, the Greater Toronto Area (GTA) churned out some decent numbers. According to the Toronto Real Estate Board (TREB), all regions saw an increase in prices. The GTA also saw more sales, and inventory than the same time last year.
Prices Increased Across GTA
Prices in the Toronto region went up in every ward, although that’s probably not news to you. The benchmark price of all home types rose 24% year over year to $778,700 in the 416. The price across all of TREB was just under that, at $772,500 – a 28.59% increase. To contrast, New York City has only seen a 5% increase since 2014.
Breaking down the region’s, York and Durham regions had the highest average increase in the TREB area. York Region saw the benchmark price rise 31.34% to $989,100. Durham saw prices rise 31.79% to $566,700. So there was considerable action in the ‘burbs last month.
Toronto Real Estate Average Prices To March 2017
Average sale prices for the TREB area. Prices have started a parabolic formation, generally a sign of peak pricing. However the market is heading into the busy spring season, when prices don’t typically fall.
Sales Increased Across The GTA
Despite higher prices, sales increased considerably from last year. The TREB saw 12,077 sales through their system, an increase of 17.7% from the same time last year. Toronto proper saw 4,258 of those sales, a slightly slower increase of 17.3%. Half of all sales in the 416 were in central Toronto.
Listings Increased, But Much Faster In The 905
More Torontonians are also listing their homes for sale compared to last year. TREB saw 17,051 new listings, an increase of 14.7%. Breaking that down, 5,740 of those listings were in the Toronto area, a 3.8% increase from last year. The increase in listings, and higher prices are likely an indicator that more Torontonians are upgrading this year than last.
There’s a lot of talk about prices being unsustainably high, but TREBs numbers don’t really show any signs of a cooling market. The only thing worth noting was inventory. It’s growing at a healthier rate, which could provide a better balance of supply and demand.
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