Record home sales numbers have been recorded for the first quarter of 2016, with nearly half of those transactions coming in March.
The Toronto Real Estate Board says there were 10, 326 sales last month, with a total of 22, 575 in the first three months of this year.
Compared with 2015 sales during the same time periods, there was a 15.8% increase in the first quarter, and 16.2% bump for March.
However, the growth in sales was not echoed in listings. The number of new listings in both the first quarter and the month of March were down compared to the same time last year.
Home prices have risen. The average recorded price for a home in the GTA was $688, 181; $699, 745 in Toronto, and $681, 919 in the rest of the GTA.
“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results.” – TREB President, Mark McLean.
“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year.” – Jason Mercer, TREB’s Director of Market Analysis.