The latest Toronto housing figures are in, and they just keep rising.
While the local market saw a 17.7% increase in residential sales in March, the rate of listings growth was still lower than sales growth, resulting in a continued tightening of the GTA market, according to the latest report by the Toronto Real Estate Board (TREB).
Competition remained strong between buyers, causing soaring price growths across the local real estate market. TREB reports that the average selling price soared by 33.2% compared to last year.
“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings,” said Jason Mercer, TREB’s Director of Market Analysis in a statement. “A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. As policy makers seek to achieve this balance, it is important that an evidence-based approach is followed.”
Last week during a housing consultation, Mayor John Tory announced the City would be looking into vacant home taxes, as a means to help cool the local market.
Meanwhile, on the Provincial level, Ontario Finance Minister Charles Sousa said he’s considering foreign buyer tax to cool down the housing market, a move TREB is urging against.
TREB President Larry Cerqua said that it has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market.
“Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth,” said Cerqua.
The average price of detached homes in the GTA was $1.21 million in March, up 33.4% from last year. In Toronto, the average price of detached houses went up to $1.56 million, a jump of 32.8%.