Record Toronto Real Estate Sales In March AND In The First Quarter Of 2010

It must be the ‘summer’ in the air!  Sales in March totalled 10,430 Toronto houses and condos – these are numbers not typically seen until April or May.  This makes March 2010 a record month for real estate sales in the city.  The closest previous March was way back in 2004 where 9,076 homes changed hands.

Of course this is another example of Realtors manipulating the market – NOT (just a little dig at the Toronto Star and the Globe and Mail newspapers here).  It IS an example of how buyers and sellers are taking advantage of low interest rates to make their move into the market.

New Listings On TREB Have Taken A Jump

With 18,684 listings during the month we were certainly still behind 2009 but that’s not a good comparison because of the recession we were in.  March was still 2000 listings short of 2008 but about on par with earlier-in-the-decade years of 2003 and 2004. 

The nice thing is that listing inventory is finally starting to rise (see chart) as more current home owners take advantage of their move-up opportunities and have more confidence in Ontario’s economy.

The average sale price is taking a jump – up 20% to $434,696 in March 2010 VS 2009 but up a more respectable 14.3% when compared to March 2008. 

This makes it a roughly 7% average increase in sale price each year which is not unreasonable at all.

We’ll have more stats and graphs for you on today’s busy Toronto real estate market within 48 hours.

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