GTA resale market has not suffered from a lack of willing buyers this year [VIDEO]

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS System in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during
the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver.

“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.” The average selling price in the GTA was $504,117 in March – up by 10.5 per cent in comparison to March 2011.

“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary of TorontoMLS Sales and Average Price
March 1 - 31
2012 2011
Sales Average Price Sales Average Price
City of Toronto ("416") 3,682 $548,354 3,610 $498,050
Rest of GTA ("905") 6,008 $477,006 5,376 $428,155
GTA 9,690 $504,117 8,986 $456,234
TorontoMLS Sales & Average Price By Home Type
Sales Average Price
416 905 Total 416 905 Total
Detached 1,287 3,477 4,764 816,169 563,157 631,509
Yr./Yr. % Change 12% 16% 15% 13% 10% 11%
Semi-Detached 388 688 1,076 569,319 391,143 455,392
Yr./Yr. % Change -3% 10% 5% 6% 9% 7%
Townhouse 375 1,053 1,428 420,208 378,614 389,537
Yr./Yr. % Change -7% 6% 2% -1% 17% 10%
Condo Apartment 1,584 631 2,215 361,800 275,826 337,309
Yr./Yr. % Change -2% 3% 0% 2% 8% 3%

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 34,000 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
Watch Video of Jason Mercer -
Senior Manager, Market Analysis, 
discusses the Market Watch Report for March 2012. 
Hosted by Shannon Kelly - Social Media Manager.
     
   
Follow REALESTATESNATCH On Twitter and Facebook!

  
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REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



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