As they say, "In like a Lion and out like a Lamb". Weather has had a lot to do with our Real Estate market story in March. We started the month with mild weather and ended with a spring snowfall.
According to TREB, there were 10,326 sales in March and 22,575 sales in the first quarter of 2016. This is an increase higher than 15 per cent in both cases, compared to 2015. The average selling price was also up, by 12.1 per cent compared to March 2015, amounting to $688,181.
The demand was clearly not an issue in the first quarter of 2016, but the inventory remains low. Active listings were down by 20.7 per cent compared to last year.
This spring's Real Estate market came early because of our great weather in February and March, helped by an ongoing shortage of new listings. The market continues to be quite frenetic with multiple offers...I was interviewed by the Globe and Mail's Deirdre Kelly about multiple Offers recently. You can read the full article here.
I think it is time that the Toronto Real Estate Board started to temper these numbers with the increase in population. Yes, the monthly figures are higher than last year, but so is the net population. I will contact Jason Mercer of TREB to find out how population is adjusted in those figures. I do know that normally we experience an almost 100,000 person net increase per year in the Greater TORONTO Area (GTA). I will let you know his response, stay tuned.
Title photo: Vertical Limit by Paul Bica