The Toronto Real Estate Board (TREB) has released the housing figures for March, and with 7,187 sales reported across the region, volume was unchanged from the same time last year. The average sales price of all transactions rose to $788,335, representing a year-over-year gain of 0.5%. The average days on market for sold properties was 21.
While March sales and pricing remained flat, the number of new listings fell 5.1% to 13,996. Active listings were also down 2.5%, leaving the current supply at approximately 2.2 months of inventory. Such low inventory would typically suggest seller’s market conditions, however, the OSFI stress test continues to impact buyers’ ability to qualify for a mortgage, which has largely kept prices and sales volume in check.