GTA REALTORS® Report Mid-Month Resale Housing Market Figures

During the first 14 days of March, Greater Toronto REALTORS® reported 4,215 transactions through the TorontoMLS system, representing a seven per cent increase compared to the same period in 2011. The number of new listings was down by
two per cent year-over-year to 6,970.

“Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,” said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price for transactions between March 1 and 14 was $502,155 – up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks.

“Strong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.



Summary of TorontoMLS Sales and
Average Price


March 1 - 14


2012

2011


Sales

Average Price

Sales

Average Price


City
of Toronto ("416")

1,645

$553,536

1,556

$512,798


Rest
of GTA ("905")

2,570

$469,267

2,371

$424,696


GTA

4,215

$502,155

3,927

$459,605


TorontoMLS Sales & Average Price  By Home Type

March 1 - 14, 2012

Sales

Average Price

416

905

Total

416

905

Total

Detached

567

1,490

2,057

841,235

559,954

637,487

Yr./Yr. % Change

11%

14%

13%

10%

10%

10%

Semi-Detached

180

284

464

552,728

386,243

450,828

Yr./Yr. % Change

8%

-1%

2%

9%

8%

9%

Townhouse

164

450

614

418,268

352,764

370,261

Yr./Yr. % Change

-7%

2%

-1%

-4%

8%

4%

Condo
Apartment

710

284

994

360,900

275,140

336,397

Yr./Yr. % Change

4%

5%

4%

3%

8%

4%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

Media Inquiries:
Mary Gallagher,
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
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