Housing Market in Toronto

The Greater Toronto Area Realtors have just released the latest housing figures for March 2013. Last month, there were 7,765 transactions made through the TorontoMLS system, a 17 per cent fall on a year-over-year basis.

According to Ann Hannah, president of the Toronto Real Estate Board, "Some households have put their decision to purchase on hold as a result of stricter lending guidelines, …the additional Land Transfer Tax in the City of Toronto, … [and] other households simply haven't been able to find the right house due to a shortage of listings in some market segments."

However, the average selling price last month was $519,879, which represents a 3.8 per cent increase on a year-over-year basis. Last March, the average selling price was $500,875.

Within York Region, Richmond Hill and Markham both remain very active communities of sales activity. Together, they represented 46 per cent of the total sales activity within York Region.

Detached homes made up the majority of the sales within both regions. They comprised 62 per cent of all sales in Richmond Hill and 46 per cent in Markham.

If you are looking to buy, sell or lease a home or if you simply want to learn more about the real estate market, contact a Century 21 King's Quay real estate representative today!

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