The housing markets of Toronto and Vancouver are showing impressive strengths as sales jump dramatically for both areas.
The Toronto Real Estate Board (TREB) on Tuesday has revealed new data that suggests Canada’s housing market sales drive price growth the most. The Greater Toronto Area, in particular, saw a dramatic 11% jump in sales with 8,940 sales last month compared to a year ago.
Moreover, GTA has an average sale price for all housing types at $613,933, the Financial Post
Detached homes in the city of Toronto also saw a climb in their average price at $1,042,405, a 15.9% increase from 2014 figures.
“It is clear that sellers’ market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the [board’s index],” said Jason Mercer, TREB’s director of market analysis, in a statement. “This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties.”
The most expensive market in terms of
mortgage rates in Canada, Vancouver, also reported a 53.7% rise in sales last month, a figure that is 26.7% above the 10-year average for the month.
Detached homes in the city were sold for $1,406,426 in March on average.
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