Warm Weather Brings Out Toronto Home Buyers
The Toronto Real Estate Board (TREB) reported last week that home sales are up 70 per cent from the same time last year, when Canada was still deep in the recession. The recent record breaking warm temperatures are being cited for bringing out homebuyers during the first half of March. In fact, home sales were so strong that Toronto broke the mid-month peak sales from March 2006.
The average price of real estate purchased for mid-month March was $440,153, which was up by 20 per cent last year.
While there has been recent worry that Toronto will be short on housing stock, it appears that there’s some good news on that front. According to TREB, listings are up 34 per cent over last year. An increased number of listings means that buyers will have more options, but also that there will be “less upward pressure on home prices”. Both of which are good for home buyers.
