Toronto house prices up 33% since last year

After the first quarter of 2017, the Toronto real estate market seems to keep getting hotter, at least according to the latest report from the Toronto Real Estate Board (TREB).

The TREB says that across the GTA, housing prices were up 33.2 percent compared to March 2016, increasing from $688,011 to $916,567.

While the number of listings on the market rose by around 15 percent, the number of sales grew by 17.7 percent, so the issue of demand outweighing supply remains.

“Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings, said Jason Mercer, TREB’s director of market analysis in a news release.

"A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance."

Last month, the average price for a detached house in Toronto was more than $1.5 million.