Toronto real estate. TORONTO REAL ESTATE MARKET UPDATE

Record breaking warm temperatures in March helped bring out buyers during the first two weeks of the month.

The Toronto Real Estate Board reported 4,353 existing home sales, up 70 per cent from the same time last year, when the market was in recession.

But sales were also strong enough to break the mid-month peak set in March of 2006 by 16 per cent, according to the board.

“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market,” said board president Tom Lebour.

The average price for March mid-month transactions was $440,153, up 20 per cent over last year.

Some good news for buyers was that new listings improved by 34 per cent over last year.

“Look for double digit price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason Mercer, TREB’s senior manager of market analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”

If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants, Right at Home Realty,  with all your questions: (416) 723-9383 (cell).

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Toronto real estate. TORONTO REAL ESTATE MARKET UPDATE

Reviewed by citra
Published : 2010-03-22T13:31:00-07:00
Rating : 4.5