GTA REALTORS® Report Monthly Resale Housing Market Figures

Market Watch Report : March 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 BoardPresident 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          $548,35                     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      
Dtatched                                 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%

 

 

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Kathleen Xie

Kathleen Xie

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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