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In the city of Toronto, 497 detached homes changed hands over the first half of the month with the average price climbing 21.3% to $1,099,239 compared to the same period a year earlier.

“But for a lack of low-rise listings in some neighbourhoods, it is quite possible that the number of sales could have been higher,” said Paul Etherington, president of the board, in a release.

Provincial land use policies have restricted developments and industry statistics show the gap between new condo prices and low-rise home has never been wider.

In the 905 district that comprises Toronto’s suburbs, demand has also been strong with the average detached home selling for $701,686 which is a 10.2% increase from a year ago.

For the entire Greater Toronto Area, the average selling price for the first two weeks of March was $620,106, 10.6% increase from the same period in 2014. Sales also climbed 11.8% during the period.

“The fact that sales growth has continued to outpace listings growth suggests that there is pent-up demand in the marketplace, especially for singles, semis and townhouses. This is why we have experienced a sustained period of strong price growth for low-rise home types. So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price,” said Jason Mercer, director of market analysis for TREB, in a statement.

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