The numbers are in for March Real Estate sales in Toronto and they are not surprising.
Total transactions year over year are down 4.5% with Detached homes being the most sold.
Whereas sales between February and March of this year are down just over 1%.
Average selling price year over year is actually up 1.3% and from Feb to March of this year the prices are also slightly up at 0.7% – so we are seeing less sales but slightly higher selling prices.
We are also seeing quite a few more listings this year over last year – roughly 15% more although we are seeing less sales.
Average selling price of a Detached home is just over $1.4M, Semis are averaging $1.12M, Townhomes $940,000 and condos are sitting around the $700,000 mark.
So what does this all mean? I think until we feel more confident that the Interest Rates will be cut, sales will continue to be down.
If youre interested in the full market report, message me.
* All stats from TREB.
