Home sales in Toronto, Canada, jumped 10 percent in March from a year ago, marking the second-best March ever, the Toronto Real Estate Board reported.
The 8,707 sales recorded last month were up from 7,904 transactions in March 2005, according to TREB, and helped to set a first-quarter record of 19,831 sales.
“There is a lot to be positive about in this market,” said Toronto Real Estate Board President John Meehan. “The year has started very strongly and it shows no signs of slowing as the peak spring market approaches.”
Prices steadied last month, with the average registering at $353,134, almost the same as in February and up 7 percent from the $330,545 recorded in March 2005.
Inventory climbed 4 percent over last March to 22,765, and average time on the market fell to 30 days.
A number of areas across the city of Toronto showed high March sales totals in comparison to totals recorded in March 2005:
- Condominium sales represented the majority of sales, as the Scarborough Centre/Woburn area saw 57 percent more overall transactions compared to last March.
- Condominium sales continued to fuel the Downtown/Harborfront area, as it experienced an overall increase in sales of 34 percent compared to March of last year.
- Further west, the Junction/High Park area of Toronto experienced 63 percent more overall transactions compared to the same time frame a year ago.
The Toronto Real Estate Board serves more than 23,000 Realtors throughout the Greater Toronto area.