Toronto records second best March for home sales

Sales were up 11% over March 2010, with 9,262 transactions recorded last month.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA (Greater Toronto Area) and country-wide,” said TREB President Bill Johnston.

The average selling price for March 2011 rose 5% year-over-year to $456,147.

Condominium apartments and semi-detached houses saw the strongest average annual price growth, at about 7% for both property types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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