15 April 2014

CREA chief economist Gregory Klump believes March showed an improvement in comparison to the two previous months, although there were few signs of a new demand wave. In Klump’s opinion, Toronto and Calgary saw multiple offers per listing.

The average cost of a home sold last month through CREA was $401,419, which is 6% higher than in March 2013.

In the same time, a separate report by Re/Max says high demand for Toronto condominiums is supported by a lack of rental apartments (the vacancy rate is only about 2%) and high cost of detached homes.

In general, Re/Max expects Toronto real estate prices to rise about 8% this year (based on the March pace).