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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate