Greater Toronto Area REALTORS® Release Monthly Resale Housing Figures for March [Video]

Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013
Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012.

While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012.

Generally speaking, there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

RELATED Article: Ontarians take wait and see approach to housing as purchase

"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments," said Toronto Real Estate Board President Ann Hannah.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.

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"The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.



Summary of TorontoMLS Sales and Average Price March 1 - 31

2013

2012

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,891

$564,793

5,513

3,585

$548,391

6,322

Rest of GTA ("905")

4,874

$493,238

9,215

5,800

$471,505

9,869

GTA

7,765

$519,879

14,728

9,385

$500,875

16,191

TorontoMLS Sales & Average Price By Home Type March 1 - 31, 2013

Sales

Average Price

416

905

Total

416

905

Total

Detached

975

2,794

3,769

846,828

592,265

658,118

Yr./Yr. % Change

-21.6%

-16.4%

-17.8%

2.8%

5.4%

4.0%

Semi-Detached

314

573

887

607,334

403,031

475,355

Yr./Yr. % Change

-15.1%

-14.0%

-14.4%

6.9%

3.1%

4.6%

Townhouse

300

884

1,184

450,104

369,590

389,990

Yr./Yr. % Change

-18.5%

-13.5%

-14.8%

7.5%

4.2%

5.0%

Condo Apartment

1,266

505

1,771

367,595

278,984

342,327

Yr./Yr. % Change

-18.7%

-17.8%

-18.4%

2.0%

1.3%

1.7%



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 36,000 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

Full Report

Source: Toronto Real Estate Board (TREB)



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