The average price of single detached home in the 416 area code exceeded the million-dollar mark for the second month in a row during March 2015. The Toronto Real Estate Board (TREB) reported 8,940 sales in March 2015. This result represented an 11 percent increase compared to March 2014.
Sales were up for most major home types, both in the city of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 percent, indicating tighter market conditions.
In March, the average selling price for all reported homes sales was $613,933 – up 10 percent year-over-year. Homes in the $400,000-$499,999 price range saw the most activity during March 2015. Condominiums accounted for nearly 24 percent of all monthly sales reported by TREB, with 2,119 properties changing hands in March 2015. The average sales price was $372,827.