There were 10,326 transactions in March 2016, and 22,575 sales in the first quarter. This resulted in record home sales for the first quarter. The year-over-year growth rate for sales was 15.8% for the first quarter and 16.2% for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.
At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results.
The average selling price for all home types combined was up 12.1% year-over-year in March and 13.6% in the first quarter. The average days on market were 16, a 20.0% decrease from 2015.
“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be homebuyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year,” said Jason Mercer, TREB’s Director of Market Analysis.
TORONTO’S GREEN SIDE!
The big question that everyone continues to ask one another with raised eyebrows and an edgy, almost smile is “When will winter end?” We really tried to “spring” into action during March with optimism but seriously… when spring finally arrives it will refresh us and we can finally get going and enjoy the wonderful outdoors that Toronto offers. We all can’t wait to play baseball and soccer and anything else outside without a coat, hat, gloves and boots.
For those of us Torontonians that haven’t discovered Toronto’s many hiking trails, the city slogan “A City within a park” might be a tad baffling. However, those that have explored the city’s green side know that there are some truly great nature walks just waiting to be explored.
We’ve put together a brief list of our top three strolls for spring:
Bluffer’s Park (Brimley Road & Kingston, Scarborough) It’s hard to believe the majestic Scarborough bluffs, carved from the Wisconsin Glacier over 12,000 years ago, is as close to the city as it is. Come explore this 14km geological feature with far less crowds than the beaches to the west. Parking and washrooms are available to ensure a comfortable hike.
Don Valley (Pottery Road, Toronto): Bikers and hikers alike have ample things to do, see, and take in throughout the 32kms that comprise the Don Valley. Although there is no end-to-end trail, the Don provides both long and short hikes for anyone looking to escape the city, boasting both narrow ravines and wide-open spaces to hike across and through. All walks use prepared trails and are suitable for family use.
High Park (1873 Bloor Street West, Toronto): Chances are you’ve seen parts of High Park (we hope so, anyhow), but it’s a whole other feat to say that you have explored every corner of this 161 hectare park located in the heart of Toronto. Take a step back in time to explore what Toronto might have looked like before becoming Canada’s largest city, as more than one third of the park is left in its natural state of Oak tree forest. Less challenging than some of Toronto’s ravine hikes, escape the hustle bustle in this natural playground.
Cedarvale Ravine and the Beltline Trail (Rosedale Valley Road and Bayview Avenue): The Cedarvale Ravine and the Beltline Trail is a 7 kilometre trail running in a lasso shape in the very heart of the city. You cannot walk perpendicular to the trail very far before encountering urbanity, but aside from a break from the city, this trail offers a glimpse into Toronto’s industrial history, as it travels the route of the old Beltline Railway, a commuter rail service built to serve the north of the city in the 1800s.
Bluffer’s Park (Brimley Road and Kingston): Bluffer’s Park is another wilderness feature located in an easily accessible part of Scarborough with several parking lots. Although much of the park is sand and not ideal for cycling, there is a gravel trail at one end of the park. Bluffer’s Park gives visitors an opportunity to explore the 14 kilometre geological feature that is the Scarborough Bluffs. Unlike the crowded, volleyball and boardwalk beaches further west, this park provides stunning views of bluffs formed by the Wisconsin Glacier, 12,000 years ago. Once you stray to the east, away from the washrooms and parking lots, you won’t encounter anything but shoreline and cliff-face until Pickering.