GTA home prices climb nearly eight per cent in March with 905 properties seeing big spikes

The Toronto Real Estate Board (TREB) said sales activity sped up in March, rising 7.2 per cent year-over-year. The 8,081 sales tally was quite the contrast to the far less busy January and February.

Along with sales, prices also continued their climb. In March, the average selling price for a GTA home rose nearly 8 per cent from 2013 to $557,684. The accelerating market has the board re-considering some of its predictions for 2014.

“Strong price growth will be the result for the remainder of 2014. If the pace of price growth experienced in the first quarter is sustained, TREB may revise its outlook for the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.

Here’s a closer look at some of the stand out stats:

The biggest price growth

  • The 905 saw some of the biggest spikes in sales prices with detached houses rising to $644,237, a 9.3 per cent increase over the previous year.
  • Townhouses in the ‘burbs followed close behind, jumping 9.2 per cent to $404,664.
  • Semi-detached houses in Toronto-proper saw strong growth with the average sales price rising 8.7 per cent to $658,429.

The highest sales growth

  • Condo sales in the 905 region saw the highest growth in transactions, rising 14.5 per cent year-over-year.
  • Sales of townhouses in the 905 rose by 10.6 per cent over March 2013.
  • Detached houses in the 905, which also saw the highest year-over-year sales price increase, also saw a big uptick in sales: transactions rose by 8.8 per cent.
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