There were 7,7765 transactions reported to the TorontoMLS system in March 2013 - down 17% compared to the 9,385 transactions reported for the same time period last year. While the year-over-year dip in March sales followed a trend that has unfolded since mid-way through 2012, it is also important to note that Good Friday was in March this year versus 2012. Generally there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013 sales reported were 17,678, down 14% compared to Q1 2012. The average selling price in March was $519,879, up by 3.8% compared to March 2012.

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

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Tricia Greer

Tricia Greer

CENTURY 21 Millennium Inc., Brokerage*
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