Toronto Real Estate Market Update

March 2004 Was The Best Month Ever as it Tops 9,000 Sales

Treb reported that there were 9,076 homes trading hands through the Toronto MLS system during the month of March , making it best performance ever in March. The Toronto resale home market had an 11 per cent increase over the April 2002 figure of 8,181 sales, which was the previous best one-month performance. But March was also the first time sales have cracked the 9,000 level.

But as sales raised in March , prices eased at the same time, falling to $307,155 from the $310,196 recorded in February, a decline of about one per cent. There were 14 641 new listings which helped ease some of the upwards price pressures of the last several months.

The President of Treb said that houses should remain relatively affordable in 2004, in spite of high sales volumes. Overall prices were up six per cent over the $290,185 recorded in March of 2003.

For the Beaches and Riverdale

The Beaches (E-2) and Riverdale (E-1) remained hot sub-markets in the first quarter of 2004. The Beaches had 218 sales in the first three months of the year. The average price was $399,151, up 11 per cent over the same time period in 2003. Riverdale had 193 sales for an average of $322,437, 12 per cent increase over January to March of last year.