Though sales in the first half of March saw an 11.5 per cent slump compared to the same time last year, property prices just keep rising in Toronto – no matter if its a detached house on a cul-de-sac or a condo in the sky.
According to new stats released by the Toronto Real Estate Board (TREB), the average price for a home in the city went up by nearly 6 per cent year-over-year to $532,102.
Townhouses and detached homes saw the biggest leap with prices rising by 7.2 per cent to $394,738 and $686,769 respectively. And even the much-watched and much-discussed condo market saw a moderate rise of 1.3 per cent.
The condo market in Toronto-proper fared better than the suburbs: in the 416, prices rose by 1.9 per cent in the first part of March to $368,715 while the 905 region posted a 0.2 per cent increase to $274,080.
“The average price for condominium apartments in the City of Toronto was up over last year. If this price growth continues, it may indicate that conditions are tightening slightly in this segment,” said TREB President Ann Hannah in the news release.
Listings were up by just under 2 per cent, but that’s not enough to make major waves.
“With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared to last year. This fact notwithstanding, there has been enough competition between buyers to promote moderate to strong upward pressure on average selling prices for most home types on an annual basis,” she said.
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