Toronto Home Sales Down But Prices Still Up
Homes sales declined by a considerable 18 percent in Toronto during the first half of March, compared to the same period last year. Most of this decline has been blamed on the snowiest winter Toronto has seen since 1939. For many home buyers, shoveling their driveway became a higher priority than looking for a new home.
‘Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago’, announced today Toronto Real Estate Board President Maureen ONeill.
In spite of the harsh weather conditions, some neighbourhoods saw an increase in sales activity during the first half of March. Sales of condominium apartments in Torontos Downtown core (MLS district C01) went up 11 per cent compared to a year ago.
The Toronto central real estate market continues to show marked variations both in number of sales and sale prices in different neighbourhoods.
Areas such as Leaside maintain their upward trend of price increases, breaking the 2 million dollar mark for a newly built house on Bessborough Drive.
The Toronto central real estate market continues to show marked variations both in number of sales and sale prices in different neighbourhoods. Areas such as Leaside maintain their upward trend of price increases, breaking the 2 million dollar mark for a newly built house on Bessborough Drive.