|FIVE Condo - Under Construction|
The Toronto Real Estate Board Group also says sales in March were up 1 % compared with February, but below a recent peak set last August. Toronto lead local markets in March for price increases, as the supply of real estate continued to remain low and below historic levels. This has caused multiple offers per listing resulting in feverish bidding wards.
The total number of sales in the Toronto Market are being constrained by a lack of supply despite strong demand in some markets, since Greater Toronto accounts for a one-fifth of national activity.”
Across the board for Toronto there were 6.3 months of unsold listings at the end of March — down from 6.4 months at the end of March and 6.5 months at the end of January.
Average prices for homes sold in the Toronto Area for March was $502,819, up 6% from the same month last year.