GTA REALTORS® Report Monthly Resale Housing Market Figures

 

GTA REALTORS® Report Monthly Resale Housing Market Figures

 

Toronto, April 4, 2012 –

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 $501,614 in March – up by 10 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

 

$472,969

 

5,376

 

$428,155

 

GTA

 

9,690

 

$501,614

 

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

 

355,580

 

372,551

 

Yr./Yr. % Change

 

-7%

 

6%

 

2%

 

-1%

 

10%

 

5%

 

Condo Apartment

 

1,584

 

631

 

2,215

 

361,800

 

275,826

 

337,309

 

Yr./Yr. % Change

 

-2%

 

3%

 

0%

 

2%

 

8%

 

3%

 

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Alla Marchenko

Alla Marchenko

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CENTURY 21 Heritage Group Ltd., Brokerage*
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