GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES
TORONTO, March 18, 2013 – Greater Toronto Area REALTORS® reported 3,594 transactions through the TorontoMLS system during the first 14 days of March 2013 – down 11.5 per cent compared to the same period last year. The number of new listings was up by less than two per cent.
"With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared to last year. This fact notwithstanding, there has been enough competition between buyers to promote moderate to strong upward pressure on average selling prices for most home types on an annual basis," said Toronto Real Estate Board President Ann Hannah.
"The average price for condominium apartments in the City of Toronto was up over last year. If this price growth continues, it may indicate that conditions are tightening slightly in this segment," added Ms. Hannah.
The average selling price for the first two weeks of March was up by almost six per cent year-over-year to $532,102. Average prices were up for all major home type categories.
"Due to tight supply, the average annual rate of price growth for singles, semis and towns continues to far outpace the rate of inflation. The condo apartment segment has been a mitigating factor, which is why our forecast for price growth in 2013 remains at approximately 3.5 per cent or $515,000 for all home types combined," said Jason Mercer, TREB’s Senior Manager of Market Analysis.