Record Breaking Toronto Homes Sales in March

March Hit Record Breaking Home Sales

Canadian home sales posted their third month-over-month increase on the way to breaking March’s previous record.

Driven by activity in the GTA and Vancouver, home sales increased 1.5% month-over-month in March, and 12.2% year-over-year, according to the Canadian Real Estate Board.

The GTA is heading into the spring home buying season with soaring demand and a shortage of listings,” CREA President Cliff Iverson said. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied.”

Sales were up month-over-month in nearly 60 different markets, according to CREA.

“Single family home sales in the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings.

“If current sales and listings trends persist, price gains may pick up further this spring.”

Newly listed homes, meanwhile, fell by 1.4% month-over-month and the MLS Home Price Index increased 9.1% year-over-year.

The national sales price increased 15.7% year-over-year.

This is a good time to get into the home and condo market as prices will continue to go up and mortgage rates continue to be low.

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Homes Have Changed a great Deal Since the 50"

Home have evolved drastically since the 1950s. Indeed, what excited home buyers decades ago may be in stark contrast to what gets today’s generation excited.

Here are 10 Homes That Changed Canada
A new interactive graphic from Fielding Homes documents some of the following changes over the last few decades in homes:

1950s: Homes in the 1950s tended to have more bathrooms (an average of 2.35) than bedrooms (1.5).

1960s: The average home size grew to 1,200 square feet as the bedroom and bathroom ratio flipped (an average of 2.5 bedrooms to 1.5 bathrooms).

1970s: One of the most popular trends were appliances in bold colors, like avocado and harvest gold.

1980s: More neutral tones entered into appliance color schemes with almond and beige. This decade also brought the first Macintosh 128K into homes.

1990s: The average home square footage (2,080) climbed 21 percent this decade compared to the  1980s , the number of rooms in the home remained the same. 

2000: The kitchen takes on a futuristic feel with stainless steel appliances growing in popularity.

2010: Lot sizes mostly stay the same prompting more architects to build upwards with more floors and higher ceilings.

2016: Buyers show a preference for flexible spaces (wanting to customize spaces to fit their individual needs) and greater connectivity between indoor and outdoor living areas.

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