Tuesday, April 21st22.4°C
26071
25222

Toronto home sales in March up 7.2% from year ago, prices up nearly 8%: board

TORONTO - The Toronto Real Estate Board says home sales for March totalled 8,081, up 7.2 per cent from a year ago.

The increase came as the board also reported the average selling price for the month was $557,684, up almost eight per cent compared with March 2013.

"With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings," said Jason Mercer, the board's senior manager of market analysis.

The number of new listings for the month totalled 14,829 compared with 14,618 a year ago.

The Toronto sales results followed a report Wednesday that sales in Vancouver also picked up in March.

The Real Estate Board of Greater Vancouver said Wednesday there were 2,641 homes sold, up from 2,347 a year ago.

Worries about the health of the Canadian housing market have persisted in recent months amid concerns it is overvalued and what could happen if interest rates rise.

However, several of Canada's big banks recently cut mortgage rates as bond yields dipped ahead of the busy spring real estate season.

The Bank of Montreal recently cut a half point from its five-year fixed-rate mortgage offering to 2.99 per cent.

TD Bank (TSX:TD) and Scotiabank (TSX:BNS) also offered rates less than three per cent on certain mortgages.

The Canadian Press


Read more Business News

25250


Recent Trending




Today's Market
S&P TSX15346.44-66.16
S&P CDNX700.17-3.48
DJIA17949.59-85.34
Nasdaq5014.10+19.50
S&P 5002097.29-3.11
CDN Dollar0.8145-0.0001
Gold1201.70+8.20
Oil55.50-0.88
Lumber247.80+4.90
Natural Gas2.568-0.007

 
Okanagan Companies
Pacific Safety0.135+0.020
Knighthawk0.010.00
QHR Technologies Inc1.45+0.03
Cantex0.035+0.005
Anavex Life Sciences0.445+0.060
Metalex Ventures0.10+0.02
Russel Metals27.00-0.42
Copper Mountain Mining1.07-0.03
Colorado Resources0.105-0.005
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.18-0.00
Decisive Dividend Corporation1.70-0.10

 



24442

FEATURED Property
226913420810 Bridgeman Road
10097726 bedrooms
$1,500,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25221

25633


Member of BC Press Council


25541