TREB Real Estate Market Report March 2014
March 2014 continues to show strong year-over-year growth in both home sales and the average selling price in Toronto and the surrounding GTA.
Low borrowing costs continue to make home ownership affordable and reports from the Bank of Canada indicate rates will continue to remain low.
After a modest January and February, sales activity has been accelerated in March as competition has increased due to a smaller overall inventory than this time last year. This increased competition has seen the average price for a home in the GTA increase by 8.5% from last year and now sits at $557,684 for March 2014.
Jason Mercer, TREB’s Senior Manager of Market Analysis indicates the average selling price will continue to rise in 2014 as the cost to borrow remains low and available housing inventory remains constrained.
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