The Toronto Real Estate Board reported Wednesday that 4,353 existing homes traded hands during the first two weeks of March, up 70 per cent from the same time last year, when the market was in recession.
Very strong demand continues to dominate, lifting sales of existing homes to all-time highs ... yet keen buyer interest has largely failed to attract more sellers, resulting in a dearth of homes available for sale," said Royal Bank of Canada senior economist Robert Hogue.
Sales were also strong enough to break the mid-month peak set in March of 2006 by 16 per cent, according to the board. The average price for mid-month transactions was $440,153, up 20 per cent over last year.
Some good news for buyers: New listings increased by 34 per cent over last year. [read more-->]
Source Tony Wong- Business Reporter
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