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March on Pace for 9,000 Sales

TORONTO, March 17, 2005 -- With 3,702 sales recorded over the first 15 days of March, the market is up 10 per cent over last year at this time TREB President Ron Abraham announced today.

"By the end of the month, we are likely to approach the 9,076 sales recorded in March 2004, which was a record for the month," he said.

The President went on to note that sales are up 27 per cent over the 2,924 recorded over the first two weeks of February.

"The increase in sales from February to March is historically about 25 per cent, so the 2005 spring market looks to have even more strength to it than usual."

Parts of York Region and Central Toronto have outperformed the overall Greater Toronto Area market so far in March. Sales in the North region are up 29 per cent over February. Central Richmond Hill has been particularly active, with 61 sales recorded to date. Within Toronto, Forest Hill and The Annex have nearly doubled their February sales pace, with 33 and 50 sales respectively.

Other areas with notable sales increases over last month include the West Agincourt area of Scarborough (E-5) with 55 sales, Ajax (E-14) with 72 sales, and the Lorne Park area of Mississauga (W-13) with 48 sales.

On the pricing front, the current average cost of a home in the GTA is $335,697, up one per cent over the first two weeks of February and up nine per cent over the $307,155 recorded at the end of March 2004.

"Overall, conditions remain quite healthy. It continues to be a good time for people to get into the market or move up from their current home," Mr. Abraham said.

Serving more than 21,000 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.


* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.



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