15 Apr 2011

Toronto home sales in March second best on record

Storage units and home continue to be a hard thing to come by in the Greater Toronto area, as a recent report from the Toronto Real Estate Board indicates March home sales reached record levels.

According to Greater Toronto Realtors, there were 9,262 transactions last month, making March 2011 the second best month for March sales in Toronto's history.

Bill Johnston, president of the TREB, said a combination of factors led to the robust performance in the GTA housing market.

"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and countrywide," Johnston said.

The average selling price increased five percent compared to March 2010, which may have been caused by more "bullies" being in the market.

According to the Globe and Mail, buyers have become more aggressive recently, as they quickly offer to buy properties for hundreds of thousands of dollars more than what a property is listed for. An agent for Royal LePage Real Estate Services told the paper that he recently received an offer of $200,000 above the asking price for a $1.2 million home.

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